Goldman Sachs: Oil may reach $120
International financial institutions predict that oil prices will continue to rise, with Brent crude approaching $80 per barrel in the third quarter of 2026, due to the possibility of an agreement between Washington and Tehran to resume oil flows through the Strait of Hormuz. City Bank has raised its forecast for the price per barrel to $80, up from its previous estimate of $75, while Goldman Sachs remains in the range of $80 to $90, warning that prices could reach $120 if the Strait remains closed. These forecasts confirm that oil prices are closely linked to navigation through the Strait, as an agreement to restore flows would ease price pressures, while continued closures would drive prices higher—especially after the U.S. and Israel's attacks on Iran in February, which caused disruptions to oil supplies.
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