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CommoditiesMedium•23 February 2026•

1 min read

Goldman Sachs Hikes 2026 Oil Forecast as Geopolitical Tensions Drive Prices Higher

Infographic of oil tankers and the Strait of Hormuz map with text showing a 9% oil price increase to 104.

Key Facts

1Brent climbed nearly 5% last week on geopolitical tensions.

2Goldman Sachs raised its 2026 oil price forecast based on tighter supply expectations.

Oil prices are trending upward following a strong weekly performance, with Brent crude climbing nearly 5% due to heightened geopolitical risks. Goldman Sachs has bolstered this bullish sentiment by raising its 2026 oil price forecast, citing expectations of structural supply tightness in the coming years. Market participants are now closely monitoring upcoming talks between the United States and Iran, which could significantly impact global supply dynamics. The combination of immediate geopolitical risk premiums and upward revisions for long-term targets provides robust support for energy markets. Analysts suggest that the projected supply deficit is a key driver for renewed investor confidence in crude oil futures. Consequently, both Brent and WTI remain well-positioned as the market balances short-term volatility with long-term structural constraints.