Goldman Sachs predicts that Brent crude oil prices will drop to the low $70s per barrel later this y

Goldman Sachs Sees Brent Above $100 in March, Then Falling to $70s—Unless Hormuz Stays Closed

Goldman Sachs just dropped its oil outlook. Brent is set to average over $100 in March, dip to $85 in April, and drift down to the low $70s by year-end, according to the bank. The reason? Strategic reserve releases are expected to blunt the hit to commercial inventories, cutting the short-term impact nearly in half.

But there's a catch: if the Strait of Hormuz stays shut for two months, Goldman's Q4 forecast jumps from $71 to $93. The Middle East wildcard still looms.