Goldman Sachs: Brent Crude Will Stay Above $100 Through 2026 If Hormuz Stays Closed

# Goldman Sachs: Brent Crude Will Stay Above $100 Through 2026 If Hormuz Stays Closed

> **Quick answer:** Goldman Sachs analyst Daan Struyven warned clients that Brent crude will average above $100 per barrel through the rest of 2026 if the Strait of Hormuz stays closed for at least one more month. Brent closed at $101.38 on April 22 — meaning Goldman's "extended closure" scenario has already become reality. In their most severe case, Brent could average $120 in Q3 and $115 in Q4 2026.

Goldman Sachs's oil price forecast for the Hormuz closure scenario is no longer hypothetical. With Brent crude above $100, Iran refusing peace talks, the Vance trip to Pakistan canceled, and the ceasefire extended indefinitely with the blockade still in place, Wall Street's most closely watched energy analyst is telling clients: this is not temporary.

Here is what Goldman Sachs actually said, what the three scenarios mean in dollar terms, and what investors and everyday consumers should be watching next.

## What Goldman Sachs Actually Said — The Three-Scenario Framework

Goldman Sachs published a note to clients authored by commodity strategist Daan Struyven laying out three distinct price paths for Brent crude depending on how long the Strait of Hormuz remains disrupted.