Global banks revise oil forecast after Hormuz reopening
Major investment banks, including Goldman Sachs, Morgan Stanley, and Citibank, have lowered their forecasts for oil prices following the preliminary agreement between the United States and Iran on reopening the Strait of Hormuz and ending the conflict. They expect oil flows and Gulf exports to return to their normal levels in the coming months. The forecasts suggest that Brent crude prices could decline to around $80 per barrel in the last quarter of the year, with an average price projected to decrease to approximately $70-75 in 2027. Oil prices fell significantly after the announcement of the agreement, amid expectations of reduced geopolitical risks and increased supplies through the vital Strait.
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