Goldman Sachs maintains forecast on Brent crude

Goldman Sachs expects Brent crude to reach $80/bbl in Q4 2026.

Goldman Sachs expects Brent crude to reach $80 a barrel in the fourth quarter of this year, unchanged from its previous forecast.

The bank also maintained its outlook for Brent crude to average $75 a barrel and US crude $70 a barrel next year, assuming the Strait of Hormuz remains open, Reuters reported.

However, Goldman Sachs said Brent crude could surge above $120 a barrel in the fourth quarter of this year and average $100 a barrel next year if disruptions in the Strait of Hormuz persist.

The bank also expects Brent crude to remain above $60 a barrel over the next year despite a projected global oil surplus of 3.2 million barrels per day. It cited expected strategic stockpiling of around 1.2 million barrels per day, the price sensitivity of US shale production, and the risk of supply disruptions as key supporting factors.

The benchmark grade, however, could fall below $60 a barrel by the end of 2027 if supply exceeds expectations and demand continues to weaken.