Banks Boost Oil Price Forecasts Amid Prolonged Gulf Disruptions

Banks are revising their oil price forecasts upward in response to ongoing disruptions in Gulf shipping. Goldman Sachs, Bank of America, and Commerzbank have all increased their estimates for Brent crude prices.

Goldman Sachs predicts that if average Gulf output remains below pre-war levels next year, Brent could climb above $120 a barrel. On the other hand, if production rises above pre-war levels, Brent could fall to the $60s.

HSBC also raised its 2026 and 2027 Brent price forecasts to $90 and $85 a barrel respectively, citing persistent impairment in the Strait of Hormuz shipping route.