Goldman Sachs lowered its fourth-quarter Brent crude oil price forecast to $80 from $90 and cut its 2027 average estimate to $75 from $80, after the US and Iran signed a preliminary agreement to reopen the Strait of Hormuz.
The revision is the bank's second cut in a week after it lowered its oil price forecast for 2027 on Friday, Reuters reported.
Analysts said in a note released late on Monday that they now expect Gulf exports to normalize to pre-war levels by the end of July, earlier than their previous forecast of end-August.
Oil prices eased on Tuesday, having slipped nearly 5% to their lowest since March 10 after US President Donald Trump said a memorandum of understanding was signed to end the US-Israeli war with Iran, which had closed the Strait of Hormuz.
