March 23 (Reuters) - Major brokerages have revised their 2026 average oil price forecasts as the U.S.-Israeli war on Iran rages on, with the conflict having sent oil prices surging more than 50% this month.
Goldman Sachs raised its Brent crude oil forecast for 2026 to $85 a barrel from $77, citing prolonged disruptions in Strait of Hormuz shipments and increased strategic stockpiling that are tightening the market.
Meanwhile, J.P. Morgan expects Brent prices to average $100/bbl in the second quarter of 2026 and fall back to $80/bbl by the end of the year.
Brent crude futures were steady at $112.18 a barrel by 0202 GMT after settling on Friday at their highest since July 2022, while U.S. West Texas Intermediate crude was up 52 cents at $98.75.
Iran warned it would strike energy and water infrastructure across the Gulf if U.S. President Donald Trump follows through on his threat to attack its electricity grid, as the conflict in the Middle East continues for more than three weeks.
| Brokerage/Agency | Brent 2026 | Brent 2027 | WTI 2026 | WTI 2027 |
|---|---|---|---|---|
| Goldman Sachs | $85 ($77 prev) | $80 ($71 prev) | $79 ($72 prev) | $75 ($67 prev) |
| J.P. Morgan | - | - | - | - |
| Standard Chartered | $85.50 ($70 prev) | - | - | - |
| BofA | $77.50 ($61 prev) | $66 ($62 prev) | $61 ($61 prev) | |
| Barclays | $85 (from $65 prev) | - | - | - |
| ANZ | - | - | - | - |
| BMI | $70 ($67 prev) | $70 ($69 prev) | $68 ($69 prev) | |
| Citi | $71 ($63 prev) | $64 ($60 prev) | $68 ($63 prev) | |
| HSBC | $80 ($65 prev) | $70 ($66 prev) | ||
| Macquarie | - | - | - | - |
| UBS | $72 ($62 prev) | $70 ($58 prev) |