Citigroup and Goldman Sachs Cut 2026-2027 Oil Price Forecasts to $70-80/bbl Following U.S.-Iran Strait of Hormuz Agreement

According to Citigroup and Goldman Sachs, major oil market participants downwardly revised crude price forecasts on June 16 following the U.S.-Iran agreement on the Strait of Hormuz. Citigroup lowered its Q3 and Q4 2026 Brent forecasts to $75 and $70 per barrel respectively, while Goldman Sachs cut its Q4 2026 Brent forecast from $90 to $80 per barrel and its 2027 average to $75 per barrel, down from $80. Goldman Sachs expects oil exports from the Persian Gulf to recover to pre-conflict levels by end of July, earlier than the previous August estimate, with WTI averaging $75/barrel in Q4 2026 and $70/barrel in 2027. Morgan Stanley similarly reduced its Q3 Brent forecast to $90 and Q4 to $80, projecting 50% production recovery by September and 80% by December 2026. Fitch Ratings estimated that full reopening of the strait would restore global oil markets to oversupply within approximately one month.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments