Oil prices may rise further as flows through the Strait of Hormuz remain
constrained, ING said. The bank now expects a gradual resumption only in May and
June, with volumes staying below pre-conflict levels for most of the year. ING
lifted its Brent forecast to $104 per barrel for Q2 from $96 previously. Analyst
Warren Patterson said earlier assumptions of an April recovery “clearly” have
not materialized. Front-month Brent futures rose 2.2% to about $110.62 per
barrel.
