Goldman hikes average Brent oil forecast to over US$100 a barrel for March

Goldman Sachs ​expects Brent oil to average over US$100 a barrel ‌in March, and US$85 in April, it said on Friday, as energy prices remain volatile due to the Iran war and damage ​to Middle East energy infrastructure and disruptions in ​the Strait of Hormuz.

Brent futures for May were ⁠trading at US$100.13 a barrel at 0530 GMT, heading ​for about an 8 percent weekly increase. On Monday, prices ​hit US$119.50 a barrel, its highest since mid-2022.

Goldman sees Brent crude gradually easing back to the low US$70s later in the year, however, ​if the disruption to oil flows proves longer-lived, ​oil prices could reach higher peaks and end the year at ‌higher ⁠levels.

Goldman said a two-month disruption of the Strait of Hormuz, which has been effectively shut since the start of the US-Israeli war on Iran on February ​28 and ​through which ⁠one-fifth of the world's oil and natural gas supply passes, would push its fourth ​quarter average Brent price estimate from US$71 a ​barrel ⁠to US$93 a barrel.

Goldman on Thursday raised its Brent and WTI crude oil price forecasts for the fourth quarter of ⁠2026 ​to US$71 a barrel for Brent, ​from US$66, and US$67 per barrel for WTI from US$62.

Reuters