Goldman Holds $83 Brent Amid Softer Demand, Two-Sided Risks After 9% Crude Plunge

Goldman Sachs maintains 2026 Brent at $83/bbl and WTI at $78/bbl, citing softer demand in Asia/Africa offsetting easing Hormuz risks by mid-May, after crude's 9% Friday drop on Iran peace hopes. The outlook follows IEA's April 14 shock forecast of 2026 demand contracting 80,000 bpd—the first drop since 2020—amid 1.5M bpd supply cuts from war disruptions, spot crude at $150/bbl versus $94 Brent futures, and a 400M barrel OECD release. Phillips 66 CEO warned April 16 of months-long tail effects, while IEA escalated April 17 with Europe facing six weeks of jet fuel, amplifying recession fears amid persistent volatility.