February 3, 2026 11:36 PM GMT The Oil Manual | Europe A Tight Start but Likely Still a Loose Year Exhibit 2 : We raise near-term Brent forecasts as the geopolitical risk premium likely persists for a period, but still expect prices below $60/ bbl later this year | Brent price forecasts | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ($/bbl) | 1Q26 | 2Q26 | 3Q26 | 4Q26 | 1H27 | 2H27 | | New | 62.5 | 57.5 | 57.5 | 60.0 | 60.0 | 65.0 | | Previous | 57.5 | 55.0 | 57.5 | 60.0 | 60.0 | 65.0 | | Change ...