Goldman Sachs Raises Q4 Oil Forecasts on Hormuz Disruptions
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel due to extended disruptions in the Strait of Hormuz. Analysts now expect a gradual recovery.
The Goldman Sachs Group, Inc. has revised its crude oil price projections for the fourth quarter of 2026, citing a prolonged disruption of oil flows through the Strait of Hormuz. The investment bank now expects Brent crude to reach $71 per barrel and West Texas Intermediate (WTI) to hit $67 per barrel, an increase from its previous forecasts of $66 and $62, respectively. This adjustment follows the escalation of the conflict involving the United States, Israel, and Iran, which has severely impacted global energy transit.
Since the outbreak of hostilities on February 28, Brent prices have surged by more than 36%, while WTI has climbed approximately 39%. Both benchmarks reached their highest levels since mid-2022 on Monday, briefly surpassing $119 per barrel. The effective closure of the Strait of Hormuz has left numerous tankers stranded and forced energy producers to suspend output as storage facilities approach their maximum capacity.
