Goldman Sachs raised its oil price forecasts on April 27, 2026. The bank cited prolonged supply disruptions in the Strait of Hormuz and resulting inventory drawdowns.
Analysts now project Brent crude to average $90 per barrel in the fourth quarter. This revision marks a significant increase from the previous estimate of $80 per barrel.
Ongoing geopolitical tensions have constrained tanker traffic and created a supply deficit. Oil prices continue to climb as peace talks between the United States and Iran remain stalled.
The failure to hold a second round of negotiations pushed Brent crude to a three-week high near $108 per barrel. Goldman analysts characterized current inventory draws as extreme and unsustainable. The bank warned that persistent supply issues may eventually require demand destruction.