Brent Crude Oil Price Forecast 2026: Goldman Says $115 by Q2 If Hormuz Stays Closed

# Brent Crude Oil Price Forecast 2026: Goldman Says $115 by Q2 If Hormuz Stays Closed

> **Quick answer:** Brent crude oil is trading at $103–107 per barrel in late April 2026. Goldman Sachs forecasts a Q2 peak of $115 per barrel if the Strait of Hormuz remains restricted for another month — a projection the EIA independently confirmed in its April 2026 Short-Term Energy Outlook. At $115 Brent, retail gasoline would hit approximately $4.30 per gallon nationally, with diesel pushing past $5.80. In a severe-disruption scenario, Brent could average $120 in Q3 before easing. Here is the complete oil price scenario map for the next six months.

*This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor for personal financial decisions.*

Brent crude oil price forecast 2026 has become one of the most consequential questions in personal finance. With Brent averaging $103 per barrel in March and hitting $106.80 on April 24, the question is no longer whether oil is expensive — it is how much more expensive it can get. Goldman Sachs has an answer, and the EIA just confirmed it independently: $115 per barrel by Q2 2026 if the Hormuz situation does not resolve. That translates directly into a summer driving season that most American households have not seen in over a decade.

## Where Brent Is Right Now and Why It Matters

Brent crude averaged $103 per barrel throughout March 2026 — the first full month of sustained $100-plus oil since the commodity supercycle of 2022. By late April, the price range had widened: CNBC reported a $103–105 range on April 23, Al Jazeera reported $106.80 on April 24, and Barchart futures data shows the June contract trading in the $104–107 band.