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Brent crude futures were at $102.23 a barrel by 0810 GMT.
Morgan Stanley maintained its Brent crude forecast at $110 for Q2 2026 and $100 for Q3.
KEY POINTS
- Morgan Stanley expects oil supply chains to take months to normalize even if Hormuz reopens.
- Exports through the Strait of Hormuz are projected to recover 70% of lost volumes by July.
- Saudi Arabia set a record premium of $19.50 per barrel for Arab Light crude to Asia.
COMPANIES
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