Goldman Sachs expects crude barrels to average $98 through April
March 13, 2026
Late yesterday, the US issued a new general license related to Russia that allows the sale of Russian crude oil and petroleum products loaded onto vessels through April 11. Russia said this will affect about 100 million barrels of Russian oil. This news has helped pull prices back off their highs.
Today, it will be interesting to see whether traders take profits into the weekend after the market’s massive rallies or stay long into the weekend amid what might unfold. This could give us an indication of traders’ mindsets and where the price might be headed. Of course, until the Strait of Hormuz gets cleared up, the price will be supported.
Goldman Sachs expects Brent crude oil to average $98 per barrel in March and April before falling to $71 per barrel by the fourth quarter of the year. In an upside risks scenario, where flows through the strait are disrupted for a month, Goldman expects the March and April average to jump to $110 per barrel before gradually declining to $76 per barrel in the fourth quarter
Citi also raised its crude oil forecast for Brent to $75 for the first quart from $73, $78 for the second from $70, and $68 per barrel for the third from $62.
Iranian Supreme leader Mojtaba Khamenei said the Strait of Hormuz should remain closed as a tool of pressure.
US Secretary Chris Wright said the the US navy could not escort ships through the Strait of Hormuz now, but it was “quite likely” that could happen by the end of the month.