Trending Now - Goldman Sachs Boosts Brent Oil Price Outlook Amid Mideast Tensions
WHO:
President Trump, Co-Head of Global Commodities Research Daan Struyven at Goldman Sachs, José Torres, senior economist at Interactive Brokers
WHAT:
Brent crude futures for May climbed toward $104 per barrel.
The Strait of Hormuz was handling about 20% of global seaborne oil supplies before the war broke out.
Iranian state media reported on March 22nd, 2026, that Tehran would permit safe transit through the Strait, except for ships associated with its "enemies."
Brent crude futures for May rose over 3% to $102.96 per barrel.
West Texas Intermediate futures for May jumped 3.6% to $91.27 per barrel.
Trump stated, "I AM PLEASE TO REPORT THAT THE UNITED STATES OF AMERICA, AND THE COUNTRY OF IRAN, HAVE HAD, OVER THE LAST TWO DAYS, VERY GOOD AND PRODUCTIVE CONVERSATIONS REGARDING A COMPLETE AND TOTAL RESOLUTION OF OUR HOSTILITIES IN THE MIDDLE EAST."
Trump instructed the Department of War to postpone any military strikes against Iranian power plants and energy infrastructure for a five-day period.
Goldman Sachs raised its forecast for Brent crude to an average of $85 per barrel in 2026, up from a previous estimate of $77.
The disruption in the Strait of Hormuz represents the largest supply shock ever seen in the global crude market.
WHERE:
Strait of Hormuz, Middle East
WHEN:
The sharp sell-off occurred on March 23rd, 2026, with Brent crude falling about 11% to around $99 per barrel.
Brent crude topped $112 on March 20th, 2026.
Trump's statements were made on March 23rd, 2026.
The note from José Torres was published on March 24th, 2026.
WHY:
Concerns that other nations may be drawn into the Middle East war are contributing to fluctuations in oil prices.
The increase in oil prices is attributed to ongoing tensions in the Middle East and concerns over potential disruptions to production and transportation.
HOW:
José Torres noted that repeated attacks on critical energy infrastructure in the Middle East are fueling concerns over potential disruptions to production and transportation.
Traders are assessing developments related to the Middle East conflict, which has led to fluctuations in oil prices.
(UPDATED March 24, 2026 09:29 UTC)
Brent crude futures for May have surged toward $104 per barrel amid rising concerns about the ongoing conflict in the Middle East. Iranian state media reported on March 22 that Tehran would allow safe passage through the Strait of Hormuz, which handles about 20% of global seaborne oil supplies, but only for ships not associated with its "enemies." José Torres highlighted that repeated attacks on critical energy infrastructure in the region are intensifying fears of disruptions to oil production and transportation.
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(UPDATED March 24, 2026 07:36 UTC)
Today, President Trump announced that the United States and Iran have engaged in productive conversations aimed at resolving hostilities in the Middle East, while also instructing the Department of War to delay military strikes against Iranian energy infrastructure for five days. In response to these developments, Brent crude futures for May rose over 3% to $102.96 per barrel, and West Texas Intermediate futures jumped 3.6% to $91.27 per barrel, following a sharp sell-off that saw Brent crude fall about 11% to around $99 per barrel just yesterday. Additionally, Goldman Sachs has raised its forecast for Brent crude to an average of $85 per barrel in 2026, reflecting ongoing tensions and concerns over potential disruptions in the Strait of Hormuz, which has experienced the largest supply shock ever seen in the global crude market.