Goldman Sachs raised its December 2026 Brent crude forecast to $90 per barrel. Its previous forecast was $85 per barrel.
The bank cited persistent Middle East supply risks, which it expects to delay a decline in the market’s risk premium. Analysts expect regional supply to eventually adjust to lower prices, but renewed conflict escalation could push prices higher.
Goldman Sachs estimates the current geopolitical risk premium at just over $20 per barrel. The bank kept its 2027 average Brent forecast at $80 per barrel. It warned that major supply disruptions could push prices toward $125 per barrel.