Global Markets: Goldman Sachs Has Raised Its Late-2026 Brent Forecast To $90 A Barrel As Delayed Hormuz Normalisation And Record 11-12 Million Barrel-Per-Day Inventory Drawdowns Signal The Supply Crunch May Outlast Market Optimism
According to Reuters and CNBC, global oil prices have tumbled around 20% from 2026 highs as investors grew optimistic about a US-Iran ceasefire deal but that optimism has reversed sharply. Iran’s decision to halt negotiations on June 1, combined with Trump sending the draft peace agreement back for revisions, pushed Brent crude back above $94 and WTI to $90.87 in Monday trading.
Goldman Sachs raised its Brent forecast to $90 per barrel by late 2026 from $80 previously, as disruptions in the Persian Gulf proved more persistent than earlier assumed, with global inventories drawing at a record pace of 11 to 12 million barrels per day in April.
Asian equity markets opened the week mixed, with Japan’s Nikkei pressured by the combined impact of Typhoon Jangmi and oil uncertainty, while Chinese tech stocks held relatively steady.
The International Energy Agency warned that oil markets could enter a “red zone” by July as global stocks deplete ahead of the summer travel season.
The deal framework remains technically alive but every revision cycle adds weeks to a timeline markets had been pricing as days away.
To check out our previous coverage on global markets and the US-Iran conflict, read our articles here.
