March 16 (Reuters) - Major brokerages have revised their average oil price forecasts for 2026 as the U.S.-Israeli war on Iran enters its third week, with the conflict having sent oil prices surging more than 40% this month. [O/R]

U.S. President Donald Trump on Sunday insisted that nations relying heavily on oil from the Gulf have a responsibility to protect the Strait of Hormuz, calling on them to help protect ships in the vital waterway that Tehran has mostly blocked to oil tanker traffic.

Brokerage/Agency Brent WTI  Forec Price Targets

asts

as

of 

  2026 2027 2026 2027  

Barclays $85 (from $65 - - - March But if the Strait of

previously) 13, Hormuz takes 4-6 weeks

Forecast 2026 to normalise, says

assumes Brent could climb to

Strait of $100/bbl

Hormuz

normalises in

2-3 weeks

ANZ - - - - March Raises Brent forecast

12, for Q1'26 to $100/bbl

2026 from $90/bbl

Goldman Sachs ( GS ) $77($71 $71($70 $72($67 $67($66 March Expects Brent to

previously) previously) previously) previousl 12, average $75/bbl and

y) 2026 $71/bbl over the next

three and twelve

months, respectively.

BMI $70($67 $70 $68 $68 March Expects Brent to

previously) 12, average $67/bbl and

2026 $69/bbl in Q3'26 and

Q4'26 respectively.

Citi $71($63 $64 $68($60 $61 March Sees Brent averaging

previously) previously) 11, $75/bbl in Q1'26,

2026 $78/bbl in Q2'26, and

$68/bbl in Q3'26

BofA $78($60 $65($57 $73($62 $61($59 March Expects Brent to

previously) previously) previously) previousl 10, average $80/bbl in

y) 2026 Q2'26, but average

$65/bbl in 2027 as the

pre-war surplus

re-emerges

HSBC $80($65 $70($66 $76($61 $67($63 March

previously) previously) previously) previousl 10,

y) 2026

Macquarie - - - - March Sees crude prices

6, potentially rising to

2026 $150/bbl or above if

the Strait of Hormuz

remains closed for

several weeks

UBS $72($62 $70 $68($58 $66 March Expects prices

previously) previously) 4, to move towards

2026 >$100/bbl and into more

severe demand

destruction territory

of $120+/bbl if flows

through Hormuz remain

disrupted