Goldman, BofA, HSBC Raise Brent Crude Forecasts on Middle East Disruptions

Major banks are raising Brent crude oil price forecasts as shipping disruptions persist in the Middle East, particularly through the Strait of Hormuz. The forecasts reflect a shift in energy market expectations and signal sustained upward pressure on oil prices into 2027. Commerzbank lifted its year-end Brent forecast to $85 per barrel from $75, per The Daily Hodl's reporting. Goldman Sachs increased its Brent and West Texas Intermediate forecasts by $5 per barrel for December 2026 and 2027, predicting Brent could trade at $85 per barrel and WTI at $80 in December, according to The Daily Hodl. HSBC raised its 2026 Brent forecast to $90 per barrel and its 2027 forecast to $85 per barrel. About 20 percent of the world's traded petroleum passes through the Strait of Hormuz, per HSBC. The bank stated that the market is adjusting to a disrupted "new normal" in which the strait is "neither fully closed nor fully open, but persistently impaired." Bank of America raised its Brent forecast to $83 per barrel for the second half of 2026 and $75 for 2027. The bank outlined further upside risks: more disruptions could push prices toward $120 per barrel, while vast energy infrastructure damage could drive prices to $150 per barrel, per The Daily Hodl. Goldman Sachs did not rule out the possibility of Brent shattering $120 if Gulf production and exports remain significantly constrained. This is not financial advice.