Goldman Sachs projects Brent crude exceeding $120/bbl by Q4 2026 on supply disruption risks

Goldman Sachs analysts identify a potential for Brent crude prices to surpass $120 per barrel by late 2026, contingent upon severe supply disruptions in the Strait of Hormuz and sustained Houthi blockades in the Red Sea. This forecast highlights the sensitivity of global energy markets to maritime chokepoint security rather than baseline demand-supply fundamentals.