March 23 (Reuters) - Major brokerages have revised their 2026 average oil price forecasts as the U.S.-Israeli war on Iran rages on, with the conflict having sent oil prices surging more than 50% this month.
Goldman Sachs raised its Brent crude oil forecast for 2026 to $85 a barrel from $77, citing prolonged disruptions in Strait of Hormuz shipments and increased strategic stockpiling that are tightening the market.
Meanwhile, J.P. Morgan expects Brent prices to average $100/bbl in the second quarter
of 2026 and fall back to $80/bbl by the end of the year.
Brent crude futures were steady at $112.18 a barrel by 0202 GMT after settling on Friday at their highest since July 2022, while U.S. West Texas Intermediate crude was up 52 cents at $98.75. [O/R]
Iran warned it would strike energy and water infrastructure across the Gulf if U.S. President Donald Trump follows through on his threat to attack its electricity grid, as the conflict in the Middle East continues for more than three weeks.
Brokerag Brent WTI Forecas Price
e/Agency ts as Targets
of
2026 2027 2026 2027
Goldman $85 $80 $79 $75 March
Sachs ($77 ($71 ($72 ($67 22, Expect Brent
previo previ previ prev 2026 to average
usly) ously ously ious $110/bbl in
) ) ly) March and
April
J.P - $72 - - March
Morgan 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
Chartere ($70 Brent to
d previo average
usly) $78/bbl in
Q1'26, and
$98/bbl in
Q2'26
BofA $77.50 $66 - $61 March Expects
($61 ($62 ($59 16, Brent to
previo previ prev 2026 average
usly) ously ious $80/bbl in
) ly) Q2'26, but
average
$76/bbl in
Q3'26
Barclays $85 - - - March But if the
(from 13, Strait of
$65 2026 Hormuz takes
previo 4-6 weeks to
usly) normalise,
says Brent
could climb
The to $100/bbl
foreca
st
assume
s the
Strait
of
Hormuz
normal
ises
in 2-3
weeks
ANZ - - - - March Raises Brent
12, forecast for
2026 Q1'26 to
$100/bbl
from $90/bbl
BMI $70 $70 $68 $68 March Expects
($67 12, Brent to
previo 2026 average
usly) $67/bbl and
$69/bbl in
Q3’26 and
Q4'26,
respectively
.
Citi $71 $64 $68($ $61 March Anticipates
($63 60 11, Brent
previo previ 2026 averaging
usly) ously $75/bbl in
) Q1'26,
$78/bbl in
Q2'26, and
$68/bbl in
Q3’26
HSBC $80 $70($ $76($ $67( March
($65 66 61 $63 10,
previo previ previ prev 2026
usly) ously ously ious
) ) ly)
Macquari - - - - March Expects
e 6, 2026 crude prices
could rise
to $150/bbl
or above if
the Strait
of Hormuz
remains
closed for
several
weeks
UBS $72 $70 $68($ $66 March Expects
($62 58 4, 2026 prices
previo previ to move
usly) ously towards
) >$100/bbl
and into
more severe
demand
destruction
of the
territory of
$120+/bbl if
flows
through
Hormuz
remain
disrupted
(Reporting by Pablo Sinha in Bengaluru; Editing by Rashmi Aich)
