Goldman Sachs has revised its Q2 2026 oil price forecasts following a temporary ceasefire between the U.S. and Iran. The bank lowered its Brent crude forecast from $99 to $90 per barrel and WTI crude from $91 to $87 per barrel, citing reduced risk premiums and a gradual recovery in throughput through the Strait of Hormuz. This adjustment led to an 11% drop in Brent crude prices this week.Despite the revision, Goldman Sachs maintained its second-half oil price outlook, highlighting ongoing supply-side uncertainties. The bank warned that if Middle East supply disruptions persist, Brent crude could surge to $115 per barrel. Additionally, Goldman Sachs reduced its forecast for European TTF natural gas prices to €50 per MWh, but cautioned that prices could exceed €75 if LNG shipping faces disruptions. The ceasefire has temporarily eased market tensions, but geopolitical factors continue to pose significant volatility risks in the energy market.