UBS Sees Oil Climbing to $105 as Supply Risks Linger

Oil prices rebounded after plunging below $100 on unconfirmed Iran deal reports. WTI had surged above $107 amid tightening supply and large inventory draws before the sharp reversal erased recent gains. Institutional voices reinforced the bullish case throughout the period, with Gundlach flagging CPI near 4%, Goldman Sachs estimating each month of delayed supply adds $10 to year-end prices, and Altman highlighting a potential market tipping point. The latest outlook from UBS now points to further upside toward $105 while shipping constraints through the Strait of Hormuz persist.