Goldman Sachs has revised its fourth-quarter oil price forecasts higher due to a significant supply squeeze in the Persian Gulf. The bank expects Brent crude to average $90 a barrel in Q4 2026, up from $80, while U.S. West Texas Intermediate (WTI) is expected to average an average of $83, down from $75. The revised numbers tell a far tighter story than even bullish energy traders were anticipating. The forecast assumes Gulf exports through the Strait of Hormuz normalize by late June, a slower recovery timeline than the bank had predicted. Goldman's revised oil forecast also indicates a significant shift in supply-demand balance, with a 1.8 million bpd surplus in 2025 expected to shift to a 9.6 million bPD deficit by Q2 2026.