WS #15371
Goldman Sachs analysts project that oil flows through the Strait of Hormuz will not normalize until the second half of 2027, with crude prices stabilizing near $80/barrel. This long-term supply constraint is triggering a bearish outlook for energy-intensive sectors like airlines and shipping, while reinforcing a bullish thesis for integrated oil majors and refiners who can pass through costs. The market is pricing in a prolonged period of elevated energy volatility.
Hormuz Energy Shock
Goldman Sachs analysts project that oil flows through the Strait of Hormuz will not normalize until the second half of 2027, with crude prices stabilizing near $80/barrel. This long-term supply constraint is triggering a bearish outlook for energy-intensive sectors like airlines and shipping, while reinforcing a bullish thesis for integrated oil majors and refiners who can pass through costs. The market is pricing in a prolonged period of elevated energy volatility.