The Financial Post reports in its Tuesday edition that Goldman Sachs raised its oil price forecasts for 2026 due to the prolonged disruption of flows through the Strait of Hormuz, which it described as the largest-ever supply shock for the global crude market. A Bloomberg dispatch to the Post reports that Goldman expects Brent to average $85 a barrel in 2026, up from an earlier forecast of $77 (all figures U.S.). The full-year outlook for West Texas Intermediate was hiked to $79 from $72. Energy markets have been pitched into turmoil by the Iran war, with hostilities now entering a fourth week with no sign of resolution. Echoing Goldman Sachs's appraisal of the severity of the challenge for global energy markets, International Energy Agency's Fatih Birol said Monday the effect of the current disruptions was equivalent to the two major oil crises in the 1970s, and the 2022 natural gas crisis after Russia invaded Ukraine, "all put together." Goldman analyst say, "The largest oil supply shock ever will likely lead policy-makers and markets to recognize the structural risks from the high concentration of production and spare capacity in the Middle East and from the vulnerability of energy infrastructure."