March 23 (Reuters) - Major brokerages have revised their 2026 average oil price forecasts as the U.S.-Israeli war on Iran rages on, with the conflict having sent oil prices surging more than 50% this month.

Goldman Sachs ( GS ) raised its Brent crude oil forecast for 2026 to $85 a barrel from $77, citing prolonged disruptions in Strait of Hormuz shipments and increased strategic stockpiling that are tightening the market.

Meanwhile, J.P. Morgan expects Brent prices to average $100/bbl in the second quarter of 2026 and fall back to $80/bbl by the end of the year. 

Brent crude futures were steady at $112.18 a barrel by 0202 GMT after settling on Friday at their highest since July 2022, while U.S. West Texas Intermediate crude was up 52 cents at $98.75. [O/R]

Iran warned it would strike energy and water infrastructure across the Gulf if U.S. President Donald Trump follows through on his threat to attack its electricity grid, as the conflict in the Middle East continues for more than three weeks. 

Brokerag Brent WTI  Forecas Price

e/Agency ts as Targets

of 

  2026 2027 2026 2027    

Goldman $85 $80 $79 $75 March

Sachs ($77 ($71 ($72 ($67 22, Expect Brent

previo previ previ prev 2026 to average

usly) ously ously ious $110/bbl in

) ) ly) March and

April

J.P - $72 - - March

Morgan 20, Expects

2026 Brent prices

averaging

$100/bbl

in Q2'26,

$90/bbl in

Q3'26 and

$80/bbl in

Q4'26

Standard $85.50         Expects

Chartere ($70 Brent to

d previo average

usly) $78/bbl in

Q1'26, and

$98/bbl in

Q2'26

BofA $77.50 $66 - $61 March Expects

($61 ($62 ($59 16, Brent to

previo previ prev 2026 average

usly) ously ious $80/bbl in

) ly) Q2'26, but

average

$76/bbl in

Q3'26

Barclays $85 - - - March But if the

(from 13, Strait of

$65 2026 Hormuz takes

previo 4-6 weeks to

usly) normalise,

says Brent

could climb

The to $100/bbl

foreca

st

assume

s the

Strait

of

Hormuz

normal

ises

in 2-3

weeks 

ANZ - - - - March Raises Brent

12, forecast for

2026 Q1'26 to

$100/bbl

from $90/bbl

BMI $70 $70 $68 $68 March Expects

($67 12, Brent to

previo 2026 average

usly) $67/bbl and

$69/bbl in

Q3'26 and

Q4'26,

respectively

.

Citi $71 $64 $68($ $61 March Anticipates

($63 60 11, Brent

previo previ 2026 averaging

usly) ously $75/bbl in

) Q1'26,

$78/bbl in

Q2'26, and

$68/bbl in

Q3'26

HSBC $80 $70($ $76($ $67( March  

($65 66 61 $63 10,

previo previ previ prev 2026

usly) ously ously ious

) ) ly)

Macquari - - - - March Expects

e 6, 2026 crude prices

could rise

to $150/bbl

or above if

the Strait

of Hormuz

remains

closed for

several

weeks

UBS $72 $70 $68($ $66 March Expects

($62 58 4, 2026 prices 

previo previ to move

usly) ously towards

) >$100/bbl

and into

more severe

demand 

destruction

of the

territory of

$120+/bbl if

flows

through

Hormuz

remain

disrupted