New Delhi, Sept. 20 -- Oil prices face further upside risks in the coming months as a combination of geopolitical disruptions, constrained shipping, reduced refining capacity and declining inventories leaves global oil markets increasingly tight, Morgan Stanley said in its latest research report.

The global brokerage firm has retained its average Brent crude forecast at USD 100 per barrel for the fourth quarter of 2026, while cautioning that the quarterly average does not rule out prices moving higher at times. It said risks to the forecast are already "skewing to the upside" following a fresh round of disruptions.

Morgan Stanley said oil and gas markets are currently facing an unusually large number of disruptions simultaneously, inclu...