Banks revise oil price forecasts amid Hormuz tensions

International banks such as Goldman Sachs, Bank of America, and Commerzbank have raised their forecasts for crude oil prices, particularly for Brent, due to ongoing shipping disruptions in the Middle East and a tight market supply. Commerzbank expects Brent to reach $85 per barrel by the end of the year, up from their previous forecast of $75. Goldman Sachs has increased its forecast to over $120 per barrel by 2027, depending on how long the deterioration in Gulf production persists, with a possibility of prices falling to $60–70 in a scenario of increased output. Additionally, HSBC has raised its projections to $90 and $85 for 2026 and 2027 respectively, citing ongoing imbalances in the Strait of Hormuz shipping market until mid-2027. Bank of America predicts that oil prices could surpass $120 in major disruptions, with a potential rise to $150 if the oil infrastructure continues to deteriorate. This week, oil prices are poised to conclude above $100 for the first time since May, amid an unprecedented surge in U.S. diesel prices.

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