Goldman Sachs Raises December Brent Crude Price Forecast to $90 a Barrel

On October 11 local time, Goldman Sachs raised its forecast for December Brent crude prices by $5 to $90 a barrel, citing rising supply risks in the Middle East. The bank maintained its unchanged forecast for average 2027 Brent crude prices at $80 a barrel. Goldman analysts stated that gradual adjustments in Middle East supply could eventually push oil prices lower, but further escalation in regional tensions would still pose significant upside risk. Crude exports from the Persian Gulf, including non-publicly reported shipments, have returned to 2025 average levels, with the global oil market roughly in balance between supply and demand in September. However, supply risks, low inventories, physical restocking needs, and financial hedging demands continue to support oil prices.