Goldman Sachs has lowered its Brent oil price expectations following the signing of a preliminary agreement between the US and Iran to reopen the Strait of Hormuz.
The bank cut its fourth-quarter Brent forecast from $90 to $80. The average price expectation for 2027 was also reduced from $80 to $75.
This revision marks the institution's second downward update within a week. The bank had also lowered its 2027 oil price forecast last Friday.
In a note published by analysts on Monday night, it was stated that Gulf exports are expected to return to pre-war levels by the end of July. The previous forecast had anticipated this recovery by the end of August.
Oil prices declined again on Tuesday. Prices hovered near their lowest levels since March 10, following US President Donald Trump's announcement of a memorandum aimed at ending the US-Israel conflict.
The Strait of Hormuz is a critical transit point for energy shipments in the region. Developments related to this route directly influence price expectations in the oil market.