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Goldman Sachs' Struyven on raising 2026 Brent Forecast

Daan Struyven, Co-Head of Global Commodities Research at Goldman Sachs, outlined the firm’s revised outlook for Brent crude, raising its forecast to an average of $85 per barrel this year, up from the previous estimate of $77. He noted that the disruption in the Strait of Hormuz represents the largest supply shock ever seen in the global crude market. He speaks with Shery Ahn and Haidi-Stroud Watts on "Bloomberg: The Asia Trade". (Source: Bloomberg)

Mar 24, 2026 &03222424202631; 01:22 UTC feeds.bloomberg.com Trending 3/5

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Positive for markets

Sentiment score: +65/100

High impact Medium-term (weeks)

WHAT THIS MEANS

Goldman Sachs raised its 2026 Brent crude forecast to $85/barrel from $77, citing supply disruptions in the Strait of Hormuz as the largest shock ever in global crude markets. This represents a significant upward revision driven by geopolitical supply constraints rather than demand fundamentals.

AI CONFIDENCE

72% High

SENTIMENT GAUGE

NEWS POWER SCORE

AFFECTED ASSETS

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Oil (WTI Crude)

CL=FCommodity

Expected to rise

Direct bullish catalyst: $8/barrel upward revision by major investment bank citing supply shock; Strait of Hormuz disruption supports higher oil prices

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Euro / US Dollar

EURUSDCurrency

High volatility expected

Higher oil prices typically support USD strength but may pressure EUR if European growth concerns emerge; mixed directional impact

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Euro Stoxx 50

^STOXX50EIndex

Expected to decline

European equities face headwinds from elevated energy costs; energy-intensive sectors pressured by higher crude forecasts

⇅

S&P 500

^GSPCIndex

High volatility expected

Mixed impact: energy stocks benefit from higher oil, but broader market faces inflation/rate concerns from elevated commodity prices

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Gold Futures

GC=FCommodity

Expected to rise

Higher oil prices typically correlate with inflation expectations, supporting gold as inflation hedge

PRICE HISTORY

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⚡ SUGGESTED ACTION

Long crude oil (CL=F) on this institutional validation of supply disruption thesis; consider hedging European equity exposure given energy cost pressures. Monitor Strait of Hormuz developments closely as primary driver—any de-escalation could trigger sharp reversal.

KEY SIGNALS

Goldman Sachs raises Brent forecast by $8/barrel (10.4% increase)Strait of Hormuz disruption cited as largest supply shock in historyGeopolitical risk premium embedded in revised outlookSupply-side driven rally (not demand-driven)2026 timeframe suggests sustained elevated prices expected

SECTORS INVOLVED

EnergyCommoditiesTransportationUtilitiesIndustrials

Analysis generated on Mar 24, 2026 at 01:55 UTC

Disclaimer: This analysis is generated by artificial intelligence for informational purposes only and does not constitute financial advice, investment recommendation, or solicitation. Original reporting by Bloomberg Markets. Always conduct your own research and consult a qualified financial advisor before making investment decisions.

Goldman Sachs' Struyven on raising 2026 Brent Forecast

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