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Goldman lifts Brent forecast to $90, cites Hormuz deficit

4/29/2026

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Summary

Story summary

Goldman Sachs raised its Q4 Brent forecast from $80 to $90 a barrel and lifted its current-quarter outlook to $100 and its Q3 outlook to $93 a barrel.
The blockade of Strait of Hormuz cut Persian Gulf output by 14.5 million barrels per day, leading Goldman to project a 9.6 million-barrel-per-day deficit quarter versus surplus a year earlier.
Futures traded near $108 a barrel, 2.6 percent up, after a 50 percent rise since February.

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Story summary

Goldman Sachs raised its Q4 Brent forecast from $80 to $90 a barrel and lifted its current-quarter outlook to $100 and its Q3 outlook to $93 a barrel.
The blockade of Strait of Hormuz cut Persian Gulf output by 14.5 million barrels per day, leading Goldman to project a 9.6 million-barrel-per-day deficit quarter versus surplus a year earlier.
Futures traded near $108 a barrel, 2.6 percent up, after a 50 percent rise since February.