Goldman Sachs cuts Q2 2026 oil forecasts after US-Iran truce
Business
Goldman Sachs just cut its Q2 2026 oil price forecasts, pointing to a temporary truce between the US and Iran.
Brent and WTI crude are now expected to average $90 and $87 per barrel (down from earlier estimates of $99 and $91) as tensions ease and oil moves more freely through the Strait of Hormuz.
Goldman Sachs flags Brent $115 risk
Goldman is sticking with its Q3 and Q4 forecasts for now, but warns Brent could average as high as $115 in Q4 in a severe scenario if the ceasefire falls apart and about 2 million barrels per day of persistent Middle East production losses continue.
For Europe, they've set TTF gas at €50 per MWh, though if LNG flows are significantly delayed or production infrastructure is damaged, prices could go above €75 per MWh.