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Goldman Sachs expects oil prices to remain elevated for the foreseeable future.

2026-03-23 11:05:47

Goldman Sachs: Oil Will Stay High—Strait of Hormuz at 5% of Normal for Six Weeks, 2026 Brent Forecast Raised to $85

Goldman Sachs sees a long road ahead for oil prices. The bank's commodities team now expects flows through the Strait of Hormuz to stay at a trickle—just 5% of normal—for up to six weeks before any real recovery. They're also flagging structural risks around concentrated production and tight spare capacity, pointing to a lasting rise in strategic reserves. The result? Higher prices for longer. Goldman raised its 2026 Brent forecast to $85 a barrel, up from $77. The era of cheap oil is on hold.

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