Standard Chartered anticipates that oil prices will likely hover around $80 per barrel in the coming months before experiencing a gradual decline toward $70 by the end of the year. According to Manpreet Gill, the bank’s chief investment officer for Africa, Middle East, and Europe, high global stockpiles—spanning commercial, strategic, and floating inventories—have provided a vital buffer against price volatility despite ongoing regional geopolitical tensions. Gill noted that any return to the $100-per-barrel mark would necessitate a far more severe and sustained disruption to supply chains, suggesting that a rapid normalization of energy markets remains a lengthy, gradual process rather than an overnight event.

Beyond the energy sector, the bank maintains an optimistic outlook on global equities, favoring the U.S. market while expressing confidence in an emerging rotation toward Asian and other emerging markets. Gill highlighted that as the gap in earnings growth narrows between tech giants and the broader market, investors may find attractive opportunities in countries like India and China. Furthermore, he noted that the Federal Reserve is expected to keep interest rates steady, a move that should support a gradual weakening of the dollar and encourage capital flows into Gulf markets. While Gulf equities and bond markets remain resilient, Gill emphasized that regional performance is increasingly driven by non-oil economic growth and population expansion rather than fluctuations in crude pricing alone.