Goldman Sachs forecasts Brent crude will average $75–80 per barrel under its base-case outlook but warns prices could exceed $120 per barrel if disruptions to the Strait of Hormuz continue. Even under the lower-price scenario, North American oil producers are expected to generate strong free cash flow and support continued drilling, completion, and infrastructure investment.

Oil prices fell sharply after the United States and Iran paused military strikes, easing concerns over potential supply disruptions through the Strait of Hormuz. The decline pressured North American energy stocks, including ExxonMobil, Chevron, Marathon Petroleum, and Phillips 66, as markets reassessed geopolitical risk.