Goldman Sachs Lifts Oil Price Forecasts on Weaker Middle East Output

ReutersApr 27, 2026 5:23 AM

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April 27 (Reuters) - Goldman Sachs has raised its forecasts for Brent and WTI crude oil prices for the fourth quarter of 2026, citing lower oil production from the Middle East.

The bank estimated that Brent crude prices will average $90 per barrel, while U.S. West Texas Intermediate (WTI) will be at $83 in the final quarter of 2026.

Goldman projected that exports through the Strait of Hormuz will normalise by the end of June, later than its previous estimate of mid-May, alongside a slower recovery in Gulf oil production.

Citi has raised its Brent oil price outlook for the remainder of 2026, with its base case forecast at $110, $95 and $80 a barrel for the second, third and fourth quarter of 2026, respectively.

Under a bull-case scenario, the bank assumes oil flows through the strait remain disrupted through the end of June and sees Brent prices spiking to $150 a barrel.

Oil edged higher on Monday as U.S.-Iran peace talks stalled and shipments through the Strait of Hormuz remained constrained, keeping global supplies tight.

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