Bank of America’s commodities chief Francisco Blanch sees $90 Brent as the best-case scenario for the rest of the year, though prices could climb higher if the Iran standoff continues. The effective blockade of the Strait of Hormuz — a waterway carrying a fifth of global oil supply — has tightened supplies dramatically.

Blanch told Bloomberg Television the market was running 14 million to 15 million barrels per day short, roughly 14-15% below what's needed to stabilize prices at $60-$70. Brent has surged 80% this year to $109.26 a barrel through Friday. The US reportedly offered a temporary waiver on Iranian oil sanctions, though Washington hasn't confirmed that offer.

If the blockade continues, prices could grind to $120-$130 by the end of June or early July, Blanch said. The worst-case scenario — resumed combat operations — risks additional damage to oil infrastructure that would constrain supply long after the strait reopens.