New Delhi, June 21 -- Brent crude is likely to hold in a USD 75-85/bbl band through the second half of 2026 as physical markets remain tight on pent-up demand and inventory replenishment, before shifting to a downside bias in 2027 when supply picks up sharply, ICICI Bank Research said in a research report.

ICICI Bank Research expects 2026 to remain supply-deficient while 2027 swings to surplus. "Hence, a net supply deficit of 1.6mbpd over 2026 would likely ensure that Brent Crude oil prices trade in the USD 75/bbl to USD 85/bbl range over 2H2026 and at an average of USD 85/bbl over all of 2026," the report said. "Going into 2027, supply is expected to pick up sharply that could ensure a supply surplus in the physical energy markets to th...