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Wall Street adjusts oil forecasts amid Strait of Hormuz reopening
Oil price forecasts change as Gulf supplies resume following a temporary agreement at the Strait of Hormuz. Major financial institutions like Goldman Sachs and Morgan Stanley have lowered their expectations for the fourth quarter of the year, predicting that Brent crude could reach around $80 per barrel by year's end. Meanwhile, negotiations and the resumption of shipping continue to impact the market. It is expected that Gulf oil exports will rapidly recover as the Strait is officially reopened, but full production may not return until early 2027, with a gradual improvement in production and export levels expected by mid-year.
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