UBS expects Brent oil prices to remain high, at levels around $110 per barrel, until the end of the year. This comes in light of the ongoing fluctuations in supplies from the Middle East and the ongoing state of geopolitical uncertainty, according to a note from the bank. The bank's strategist Giovanni Staunovo says: "Global inventories have witnessed a sharp decline, with the mandatory release of strategic oil reserves largely completed." Staunovo adds: "The lack of supply in the market will lead to a further decrease in commercial stocks, which will support oil prices to remain at high levels. The analyst adds: "Record shipping costs, limited capacity of oil tankers and the recovery of Chinese imports are other factors that are expected to keep oil prices high." "Uncertainty surrounding our forecasts remains high, reflecting the unpredictable nature of the conflict in the Middle East, as well as the pace of recovery in Gulf production and global oil demand," according to the bank.

UBS expects Brent oil prices to remain high, at levels around $110 per barrel, until the end of the year. This comes in light of the ongoing fluctuations in supplies from the Middle East and the ongoing state of geopolitical uncertainty, according to a note from the bank. The bank's strategist Giovanni Staunovo says: "Global inventories have witnessed a sharp decline, with the mandatory release of strategic oil reserves largely completed." Staunovo adds: "The lack of supply in the market will lead to a further decrease in commercial stocks, which will support oil prices to remain at high levels. The analyst adds: "Record shipping costs, limited capacity of oil tankers and the recovery of Chinese imports are other factors that are expected to keep oil prices high." "Uncertainty surrounding our forecasts remains high, reflecting the unpredictable nature of the conflict in the Middle East, as well as the pace of recovery in Gulf production and global oil demand," according to the bank.