Goldman Sachs Group IncGS
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Goldman Sachs Group IncGoldman Sachs Group IncGoldman Sachs on the 23rd maintained its forecast for North Sea Brent crude oil prices in the fourth quarter of 2026 at $80 per barrel. The bank expressed the view that if tensions between the United States and Iran ease by year-end, reduced supply from the Middle East will support prices. This outlook incorporates support from lower Middle Eastern production in the second half of the year, while also reflecting downward pressure from higher-than-expected output in the region in June and slowing demand in China, South Korea, and the Middle East. Additionally, under the assumption that the Strait of Hormuz remains open, the average price forecasts for North Sea Brent and U.S. WTI for 2027 were maintained at $75 and $70, respectively. Goldman noted that risks are two-sided: if disruptions in the Strait of Hormuz persist, North Sea Brent could exceed $120 by the fourth quarter of 2026 and average $100 in 2027, while if supply exceeds expectations and demand weakness is prolonged, prices could fall to the low $60s by the end of 2027.
Goldman Sachs Group Inc