Goldman Keeps 2026 Oil Price Forecasts Unchanged Amid Softer Demand

Goldman Sachs analysts have kept their 2026 oil price forecasts unchanged despite softer demand and easing supply disruptions. The bank maintained its Brent crude forecast at $83 a barrel and WTI crude at $78 a barrel, assuming oil flows through the Strait of Hormuz will normalize by mid-May.

The Strait of Hormuz is a vital waterway that carries about 20% of global oil and liquefied natural gas supplies. Goldman said downside risks have increased if Persian Gulf supply recovers more quickly than expected due to lower-than-anticipated production shut-ins and ample regional storage capacity.

Preliminary estimates suggest global demand losses in early 2026 have been larger than dramatic price spikes in 2011 and 2022, particularly in petrochemical feedstocks and jet fuel. This weakness has been most evident in emerging markets in Asia and Africa, where consumption is more price-sensitive.