Banks Predict Oil Price Spike Amid Persistent Middle East Disruptions

Major banks are revising their forecasts for Brent crude oil prices in response to ongoing disruptions in Middle East shipping.

The Frankfurt-based Commerzbank has raised its year-end Brent forecast from $75 to $85 per barrel, according to EnergyNow.com.

Goldman Sachs has also increased its Brent and West Texas Intermediate (WTI) forecasts by $5 a barrel for December 2026 and 2027, expecting the disruptions to persist into next year.

The bank predicts that Brent could trade at $85 a barrel and WTI at $80 in December, warning that Brent could reach $120 if Gulf production and exports remain significantly constrained.

HSBC has raised its 2026 Brent forecast to $90 per barrel and its 2027 forecast to $85 per barrel, highlighting the ongoing situation in the Strait of Hormuz where about 20% of the world's traded petroleum passes through.