Goldman Sachs Research discusses the latest updates to its Oil forecasts amid the latest developments in the Middle East.

"The US and Iran agreed on a 2-week ceasefire, whose terms include reopening of the Strait of Hormuz (SoH) and halting attacks, which reduced nearby Brent (June contract) and WTI (May contract) futures down to the mid-$90s/bbl today (April 8th). These developments are largely in line with our baseline expectation that energy flows through the Strait start to recover this weekend, followed by a gradual 1-month recovery in Persian Gulf exports to pre-war levels," GS notes.

"We keep our 2026Q3/Q4 oil price forecast unchanged at $82/80 for Brent and $77/75 for WTI. Given the reduction in the risk premium at the front of the curve and already edging up oil flows through the SoH, we nudge down our Q2 forecast for Brent/WTI to $90/87," GS adds.