Major financial institutions are revising their Brent crude oil price projections due to ongoing disruptions in Middle East shipping routes.
Commerzbank, headquartered in Frankfurt, has raised its year-end Brent forecast to $85 per barrel, up from $75, according to a report by EnergyNow.com.
Goldman Sachs has also increased its Brent and West Texas Intermediate (WTI) forecasts by $5 per barrel for December 2026 and 2027, anticipating continued disruptions into the following year. The bank now predicts Brent to reach $85 per barrel and WTI to hit $80 in December, with a caution that Brent prices could soar past $120 if Gulf production and exports remain significantly hampered.
HSBC has adjusted its 2026 Brent forecast to $90 per barrel and its 2027 forecast to $85 per barrel, emphasizing the ongoing challenges in the vital Strait of Hormuz, through which approximately 20% of the world’s traded oil flows.
“We believe the market is acclimating to a disrupted ‘new normal’ where the strait is intermittently compromised,”
Bank of America has raised its Brent forecast to $83 per barrel for the latter half of this year and to $75 for 2027, also noting additional risks.
“Further disruptions may drive prices towards $120 per barrel, while extensive damage to energy infrastructure could push prices to $150 per barrel.”
Oil prices have closed above $100 per barrel for the first time since mid-May, with US diesel prices reaching a historic peak.
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