Goldman Sachs cuts its Q2 oil price forecast; Brent crude falls to $90 per barrel

Gate News message, on April 9, Goldman Sachs lowered its forecast for oil prices for Q2 2026: Brent crude oil (the global crude oil price benchmark) was cut from 99 dollars to 90 dollars per barrel, and WTI crude oil (the U.S. crude oil price benchmark) was cut from 91 dollars to 87 dollars per barrel. The firm said the temporary ceasefire agreement between Iran and the U.S. helped drive the risk premium lower, and that, combined with the gradual recovery in shipping volumes through the Strait of Hormuz, is the main reason for the downgrade. Affected by this, Brent fell by as much as about 11% earlier this week. However, Goldman Sachs kept its forecast for oil prices for the second half of the year unchanged and emphasized that uncertainty on the supply side remains high: if disruptions to Middle East supply persist and output losses worsen, then in an extreme scenario Brent crude could rise to 115 dollars per barrel. In addition, Goldman Sachs also lowered its forecast for European TTF natural gas prices to 50 euros per megawatt-hour, but warned that if LNG transportation is disrupted, gas prices could still rebound to above 75 euros.