Goldman Sachs Flags $100+ Brent Boosting Chevron, Occidental Cash Flows on Hormuz Delays

Goldman Sachs' updated note emphasizes $100+ Brent averages by year-end—or spikes to $120-$140—if Strait of Hormuz flows delay beyond July, materially lifting Chevron's cash flow by $600M per $1 Brent rise and Occidental's by $265M. This builds on earlier hikes to $83 WTI/$90 Brent targets amid April's 11-12 million bpd inventory draws and 14.5 million bpd Persian Gulf losses, with Brent surging 2% intraday above $100 after trading over $86. The scenario signals sustained upside for oil prices and equities absent quick supply recovery.