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. [O/R]
Brokerage/ Brent WTI Forecasts Price
Agency as of Targets
2026 2027 2026 202
7
Goldman $90 $85 $83 $80 April 26, Raises 4Q
Sachs ($83 ($80 ($78 ($7 2026 2026
previo previo previ 5 Brent, WTI
usly) usly) ously pre forecast
) vio to $90/$83
usl
y)
Citi $91 $75 $83 $70 April 26, Raises
2026 Brent
price
forecast
to
$110/bbl
in Q2'26,
$95/bbl in
Q3'26 and
$80/bbl in
Q4'26
ANZ $92 $76 $88 $76 April 9,
2026
UBS - - - - April 13, Expects
2026 prices
to trade
>$150/bbl
if flows
through
Hormuz
remain
disrupted.
Sees Brent
at
$100/bbl
by
end-June
2026, $95
by
end-Sept,
$90 by
end-Dec
Macquarie $89.28 $74.50 $82.9 $70 March 27 If the war
3 .50 continues
until end
of June,
oil prices
may rise
to $200
Morgan - $80 - - March 24, Expects
Stanley ($70 2026 Brent
previo prices to
usly) remain
above
$80/bbl
for the
rest of
2026
J.P Morgan - $72 - - March 20, Expects
2026 Brent
prices
averaging
$100/bbl
in Q2'26,
$90/bbl in
Q3'26 and
$80/bbl in
Q4'26
Standard $85.50 Expects
Chartered ($70 Brent to
previo average
usly) $78/bbl in
Q1'26, and
$98/bbl in
Q2'26
BofA $77.50 $66 - $61 March 16, Expects
($61 ($62 ($5 2026 Brent to
previo previo 9 average
usly) usly) pre $80/bbl in
vio Q2'26, but
usl average
y) $76/bbl in
Q3'26
Barclays $85 - - - March 13, But if the
(from 2026 Strait of
$65 Hormuz
previo takes 4-6
usly) weeks to
The normalise,
foreca says Brent
st could
assume climb to
s the $100/bbl
Strait
of
Hormuz
normal
ises
in 2-3
weeks
BMI $70 $70 $68 $68 March 12, Expects
($67 2026 Brent to
previo average
usly) $67/bbl
and
$69/bbl in
Q3’26 and
Q4'26,
respective
ly.
HSBC $80 $70($6 $76($ $67 March 10,
($65 6 61 ($6 2026
previo previo previ 3
usly) usly) ously pre
) vio
usl
y)
(Reporting by Pablo Sinha in Bengaluru; Editing by Sherry Jacob-Phillips)
