Goldman Sachs Boosts Brent Price Forecast Amid Ongoing Uncertainty

Goldman Sachs has revised its forecast for Brent crude oil prices in 2026. The bank now expects an average price of $85 per barrel, up from a previous estimate of $77. This new prediction is part of a broader trend of increased uncertainty and risk aversion in the market.

The bank cites several factors that will drive up prices, including disruptions to crude shipments through the Strait of Hormuz and strategic stockpiling. In fact, Goldman Sachs predicts Brent prices could reach as high as $135 per barrel if supply disruptions last for 10 weeks and production losses persist at 2 million barrels per day.

There are also upside risks to this forecast, including a prolonged Hormuz disruption that pushes Brent past its 2008 peak or sustained production losses in the Mideast. On the other hand, an end to U.S. military action could erode the risk premium and lower prices.