New Delhi, March 1 -- HSBC Global Investment Research has kept its Brent price forecast unchanged at USD 65 per barrel for 2026, even as it warned of rising risks following air strikes on Iran.

In a report titled "Strikes on Iran," HSBC noted that President Trump described a "massive ongoing operation" after strikes were launched. "Given uncertainty, we pull together views related to the economic and market risks of such escalation."

HSBC added, "Oil market risk is asymmetrical, with Hormuz transit the main concern; USD likely to have an upper hand in the near-term."

It also cautioned, "We can have no conviction on how the situation in Iran may evolve following air strikes launched on Saturday, with the impact contingent on the duratio...