Bank of America, Goldman Sachs, HSBC and More Raising Brent Oil Price Forecasts Amid Persistent Gulf Shipping Disruptions
Major banks are raising their Brent crude oil price forecasts in response to persistent shipping disruptions in the Middle East.
The Frankfurt-based Commerzbank lifted its year-end Brent forecast to $85 per barrel from $75, reports EnergyNow.com.
Goldman Sachs increased its Brent and West Texas Intermediate (WTI) forecasts by $5 a barrel for December 2026 and 2027, expecting the disruptions to last into next year. The bank predicted that Brent could trade at $85 a barrel and WTI at $80 in December, warning that Brent could shatter $120 if Gulf production and exports remain significantly constrained.
Meanwhile, HSBC raised its 2026 Brent forecast to $90 per barrel and its 2027 forecast to $85 per barrel. The bank highlighted the ongoing situation in the Strait of Hormuz, where about 20% of the world’s traded petroleum passes through.
“We think the market is adjusting to a disrupted ‘new normal’ in which the strait is neither fully closed nor fully open, but persistently impaired.”
Bank of America raised its Brent forecast to $83 per barrel for the second half of this year and $75 for 2027. Bank of America outlined further risks.
“More disruptions could push it toward $120/bbl, while vast energy infra damage could drive prices to $150/bbl.”
Oil prices ended the week above $100 per barrel for the first time since mid-May, with US diesel prices hitting a record high.
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