Brent Crude topped $111.10 per barrel as the Strait of Hormuz remains blocked, pushing analysts to revise forecasts for the coming months. The blockage has persisted for more than eight weeks, with 20% of global oil and LNG flows previously passing through the chokepoint. The U.S. and Iran have not resumed talks, and the war has now lasted two months. Brent rose 2.61% to $111.10, while WTI climbed 3% to $99.26. ING lifted its Q2 base case to $104 per barrel from $96, and its Q4 2026 forecast to $92 from $88. Goldman Sachs now projects Brent at $90 and WTI at $83 in Q4. According to ING's Warren Patterson, Head of Commodities Strategy, the bank's new outlook reflects stalled talks and no immediate signs of flow resumption. He added that oil flows will slowly start resuming in May and June but remain below pre-war levels for most of the year, and that low inventories and the need to restock reserves suggest prices will stay well supported. With the Strait of Hormuz still closed, market participants expect Brent to remain above $100 for the rest of the year, supported by low inventories and a slow return to pre-war flow levels.