Goldman Sachs expects Brent above $120 in late 2026

Goldman Sachs predicts that Brent crude oil prices will surpass $120 per barrel in the last quarter of 2026, amid expectations of continued supply disruptions through the Strait of Hormuz and the incomplete recovery of Gulf production until the end of 2027. Despite this, oil prices declined today by 0.3%, with Brent settling at $88.83. Risks are pointing to the possibility of raising price forecasts for the fourth quarter of 2026 to $80 per barrel, due to escalating tensions in the Middle East and reduced flows from the Gulf.

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