Goldman Sachs Cuts 2027 Brent Crude Forecast to $80/Barrel, Sees Potential Rise to $140 Amid Geopolitical Risk

According to Goldman Sachs on June 12, the bank lowered its 2027 Brent crude oil price forecast to $80 per barrel, citing sustained global supply expansion and weakening demand. For Q4 2026, Goldman Sachs projects average Brent prices around $90/barrel.

While maintaining a near-term positive view, Goldman Sachs emphasized that geopolitical risks around the Strait of Hormuz could still trigger extreme volatility. In adverse scenarios where export disruptions persist, oil prices could exceed $110/barrel by end-2026. In extreme cases, such as year-long Strait closures, Goldman Sachs warns prices could potentially reach $140/barrel.