Goldman Raises 2026 Brent Forecast to $90

Goldman Sachs raised its 2026 Q4 Brent forecast to $90/barrel (up from $80) and WTI to $83 (up from $75).
The bank now expects 2027 Brent at $85 and WTI at $80, citing prolonged Gulf export disruptions through the Strait of Hormuz.
Goldman estimates 14.5 mb/d Gulf production loss driving global inventories to draw 11‑12 mb/d in April, creating a 9.6 mb/d deficit in Q2 2026.
Outside Gulf supply rises modestly (~1 mb/d from Russia, US, Kazakhstan) while US shale output remains constrained, adding upside price risk.