Goldman ups oil forecast as Brent exceeds 120

Goldman Sachs team has raised its oil price forecast by five dollars, bringing the expected price of a barrel of Brent crude to $85 by December 2026, with the possibility of exceeding $120 in an optimistic scenario. This outlook is driven by ongoing regional conflicts and declining global inventories. However, the projections remain moderate due to factors such as current inventory levels and the responsiveness of Middle Eastern production. Despite the potential for higher prices, geopolitical risks remain elevated, with tensions related to the Strait of Hormuz expected to persist and continue influencing the oil markets.

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