Goldman Sachs Raises Brent Forecast to $90: 5 Energy Stocks to Watch

Goldman Sachs raised its Q4 2026 Brent crude oil price forecast to $90 per barrel from a previous $80, according to a report from 24/7 Wall St. The revision is attributed to extreme inventory draws caused by the prolonged closure of the Strait of Hormuz amid the ongoing US-Iran conflict. Brent crude currently trades above $108 per barrel.

Recommendation Change

Goldman Sachs increased its Brent price target for Q4 2026 by $10 per barrel, from $80 to $90. The report did not specify any changes to its ratings on individual energy stocks.

Analyst Rationale

Goldman analysts believe the continued closure of the Strait of Hormuz—a vital oil transit chokepoint—is causing exceptional inventory draws, tightening global supply and pushing prices higher. They expect the oil market to remain in deficit in the coming months.

Context

The forecast comes amid a strong performance in the energy sector, driven by rising oil prices. Stocks such as ConocoPhillips (COP) and Schlumberger (SLB) are among those identified as well-positioned to benefit from the higher price environment, according to the report. No other major analysts have issued similar updates yet.

What to Make of It

Goldman's forecast suggests oil prices may stay elevated for longer, boosting energy company profits. Investors should monitor geopolitical developments in the Middle East, as any easing of tensions could quickly alter the outlook.