Major investment banks, including Goldman Sachs, Morgan Stanley, and Citi, have lowered their oil price forecasts following the signing of a preliminary agreement between the United States and Iran to reopen the Strait of Hormuz, News.Az reports, citing Al Jazeera.
Goldman Sachs reduced its fourth-quarter Brent crude oil price forecast to $80 from $90.
It also cut its 2027 average estimate to $75 from $80, noting that it now assumes Gulf exports will return to pre-war levels by the end of July instead of late August.
Morgan Stanley also revised its outlook downward, lowering its Brent crude forecast for the fourth quarter of this year by $15 per barrel to $80, and its third-quarter forecast to $90 from a previous $100.
The bank stated: “We estimated that the ramp-up in production would start from late-July, which we now bring forward to mid-July. After that, we assume that 50 percent of lost production will be back by September, 80 percent by December, with the rest to follow in early 2027.”
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