New Delhi, June 19 -- Despite recent volatility and rising conflicts between Israel and Iran, Brent crude oil prices are expected to average around USD 70 per barrel in FY26, according to a report by Emkay Research.

The report stated that the oil markets remain fundamentally well supplied, with rising production levels from both OPEC+ and non-OPEC+ countries.

It said "we continue to assume Brent price at USD70/bbl for FY26. Fundamentally, oil markets are well supplied with rising production." This steady supply is expected to help stabilise prices in the coming weeks, even though geopolitical risks may cause short-term volatility.

The report noted that Israel's attack on Iranian nuclear sites and personnel had initially triggered a sha...