Oil prices are likely to remain elevated for longer than previously expected as disruptions in the Strait of Hormuz persist, prompting DBS Bank and First Metro Securities Brokerage Corp. to revise their forecasts upward.

In a joint outlook, analysts said the timeline for normalizing traffic in the key shipping route had been pushed back, with a gradual reopening now expected over the next two quarters even if a deal between the United States and Iran is reached within the next few months.

This delay is expected to keep global oil inventories under pressure, supporting higher prices well into 2027.