Banks revise down oil price forecasts

Major investment banks, including Goldman Sachs, Morgan Stanley, and Citigroup, have lowered their oil price forecasts following the initial agreement between the United States and Iran to reopen the Strait of Hormuz. This development suggests a return of oil flows to their normal levels and reduces concerns over supply shortages. Goldman Sachs has cut its Q4 Brent crude forecast to $80 per barrel, down from $90 previously. Morgan Stanley has lowered its expectations to $80, while Citigroup's forecasts are $75 and $70 for the year. However, Barclays has maintained its price projection at $100 per barrel for 2026, noting that the impact of the agreement on market fundamentals won't become clear for several weeks.

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