March 13 (Reuters) – Major brokerages, including Goldman Sachs and Bank of America, have revised their average oil price forecasts for 2026 as the war in Iran approached the two‑week mark on Friday.
Analysts expect oil prices to remain elevated in the near term as they assess the impact of supply disruptions through the Strait of Hormuz, a vital conduit for more than 20% of global oil flows. However, they broadly anticipate prices stabilizing later in the year.
Brent futures and U.S. West Texas Intermediate (WTI) futures rose to their highest since June 2022 this week, and were headed for more than 10% and 7% weekly rises respectively. [O/R]
Iran’s new Supreme Leader, Mojtaba Khamenei, vowed on Thursday to keep the Strait of Hormuz shut as leverage against the United States and Israel, amid a Middle East conflict that continues to disrupt millions of lives and rattle energy and financial markets worldwide.
Price Targets
Brent WTI
Brokerage Forecasts
/Agency as of
2026
2027 2026 2027
Expects Brent to
Goldman March average $75/bbl
Sachs $77 12, 2026 and $71/bbl over
$71 $72 $67 the next three
and twelve
months,
respectively.
BMI $70 $70 $68 $68 March 12, Expects Brent to
2026 average $67/bbl
and $69/bbl in
3Q’26 and 4Q’26,
respectively.
Citi $71 $64 $68 $61 March 11, See’s Brent
2026 averaging
$75/bbl in
1Q’26, $78/bbl
in 2Q’26, and
$68/bbl in 3Q’26
BofA $78 $65 $73 $61 March 10, Expects Brent to
2026 average $80/bbl
in 2Q’26, but
average $65/bbl
again in 2027 as
the pre-war
surplus
re-emerges
HSBC $80 $70 $76 $67 March 10,
2026
Macquarie – – – – March 6, Sees crude
2026 prices
potentially
rising to
$150/bbl or
above if the
Strait of Hormuz
remains closed
for several
weeks
UBS $72 $70 $68 $66 March 4, Expects prices
2026 to move towards
>$100/bbl and
into more severe
demand
destruction
territory of
$120+/bbl if
flows through
Hormuz remain
disrupted
(Reporting by Pablo Sinha in Bengaluru; Editing by Susan Fenton)
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