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Goldman Sachs forecasts Brent crude at 80-90 dollars
Goldman Sachs Bank expects Brent crude oil prices to range between $80 and $90 per barrel until a new nuclear agreement is reached between the United States and Iran or a major escalation occurs between them. They estimate that the fair immediate value of Brent is around $80, while markets continue to price in limited risks despite uncertainty about oil supplies in the Middle East. The bank also pointed out that global inventories have decreased by 6.3 million barrels per day over the past two weeks due to reduced Russian exports, declining shipments from the Gulf and the Red Sea, and the Houthi blockade in the Red Sea. Although Brent prices have fallen to approximately $85 due to potential policy shifts in the U.S. and signs of progress in Iran negotiations, oil supplies remain vulnerable to disruptions. There is still a shortage in inventories and concerns over possible disruptions in the Suez Canal and regional oil export operations.
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