Goldman Sachs says Brent could exceed $120/bbl by Q4 if Strait of Hormuz flow disruptions persist, though it does not treat that as its base case. In a July 20 report led by Daan Struyven, analysts said escalation and Gulf oil flows falling to below

2026-07-21

Goldman Sachs says Brent could exceed $120/bbl by Q4 if Strait of Hormuz flow disruptions persist, though it does not treat that as its base case. In a July 20 report led by Daan Struyven, analysts said escalation and Gulf oil flows falling to below 45% of pre-conflict levels would push prices higher. Goldman’s baseline assumes easing: Brent at $80/bbl in Q4 and $75/bbl next year. Analysts flag upside risk to those forecasts from potential shipping disruptions in the Strait of Hormuz and the Red Sea.