HSBC raises S&P 500 price target to $90 per Brent barrel by 2026 amid rising oil costs
HSBC increased its 2026 Brent price projection, while Saudi Arabia and Russia coordinated within OPEC+ as attacks on energy facilities in the region escalated security fears.
HSBC raised its price target for Brent crude to $90 per barrel by the end of 2026. The bank adjusted this outlook following recent developments in global energy markets. Simultaneously, oil prices continued climbing after assaults on petroleum infrastructure in Saudi Arabia. Militant groups supported by Iran claimed responsibility for strikes targeting facilities in southern Saudi Arabia, including a refinery with a capacity of 400,000 barrels per day. These attacks injured more than 70 people and interrupted operations at several energy sites. The violence fueled concerns regarding supply chain security in the Middle East. Global benchmark Brent oil climbed to $99.46 per barrel on Tuesday, marking its highest level since late July. West Texas Intermediate futures advanced to $94.73 per barrel, their peak since June. Saudi Arabia and Russia are currently coordinating positions within OPEC+, which significantly influences international crude pricing. The Ministry of Energy in Riyadh confirmed that operations at specific energy installations ceased after the attacks. Emergency services are working to manage fires and assess damage extent at the affected sites.
