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Goldman Sachs lowered its fourth-quarter Brent crude oil price forecast to $80 from $90 and cut its 2027 average estimate to $75 from $80, after the U.S. and Iran signed a preliminary agreement to reopen the Strait of Hormuz.
The revision is the bank's second cut in a week after it lowered its oil price forecast for 2027 on Friday.
Analysts said in a note released late on Monday that they now expect Gulf exports to normalise to pre-war levels by the end of July, earlier than their previous forecast of end-August.
Oil prices eased on Tuesday, having slipped nearly 5% to their lowest since March 10 after U.S. President Donald Trump said a memorandum of understanding was signed to end the U.S.-Israeli war with Iran, which had closed the Strait of Hormuz.
| Brokerage/Agency | Brent | WTI | Forecasts as of | Price Targets | ||
| 2026 | 2027 | 2026 | 2027 | |||
| Goldman Sachs | $85 ($90 previously) | $75 ($80 previously) | $80 ($85 previously) | $70 ($75 previously) | June 16, 2026 | Lowers Q4 2026, average 2027 price forecasts |
| Citi | $91 | $75 | $83 | $70 | April 26, 2026 | Raises Brent price forecast to $110/bbl in Q2'26, $95/bbl in Q3'26 and $80/bbl in Q4'26 |
| ANZ | $92 | $76 | $88 | $76 | April 9, 2026 | |
| UBS | - | - | - | - | April 13, 2026 | Expects prices to trade >$150/bbl if flows through Hormuz remain disrupted. Sees Brent at $100/bbl by end-June 2026, $95 by end-Sept, $90 by end-Dec |
| Macquarie | $89.28 | $74.50 | $82.93 | $70.50 | March 27 | If the war continues until end of June, oil prices may rise to $200 |
| Morgan Stanley | - | $80 ($70 previously) | - | - | March 24, 2026 | Expects Brent prices to remain above $80/bbl for the rest of 2026 |
| J.P Morgan | - | $72 | - | - | March 20, 2026 | Expects Brent prices averaging $100/bbl in Q2'26, $90/bbl in Q3'26 and $80/bbl in Q4'26 |
| Standard Chartered | $85.50 ($70 previously) | Expects Brent to average $78/bbl in Q1'26, and $98/bbl in Q2'26 | ||||
| BofA | $77.50 ($61 previously) | $66 ($62 previously) | - | $61 ($59 previously) | March 16, 2026 | Expects Brent to average $80/bbl in Q2'26, but average $76/bbl in Q3'26 |
| Barclays | $85 (from $65 previously) The forecast assumes the Strait of Hormuz normalises in 2-3 weeks | - | - | - | March 13, 2026 | But if the Strait of Hormuz takes 4-6 weeks to normalise, says Brent could climb to $100/bbl |
| BMI | $70 ($67 previously) | $70 | $68 | $68 | March 12, 2026 | Expects Brent to average $67/bbl and $69/bbl in Q3’26 and Q4'26, respectively. |
| HSBC | $80 ($65 previously) | $70($66 previously) | $76($61 previously) | $67($63 previously) | March 10, 2026 | |
(Reporting by Noel John in Bengaluru)
