Goldman Sachs maintains a baseline that Middle East supply adjustments will
eventually weigh on oil, but warns renewed conflict is a significant upside
risk. The bank raised its December Brent forecast to $90/bbl, kept its 2027
Brent average at $80/bbl, and expects WTI averages of $81/bbl in December and
$73/bbl in 2027. Goldman says if 2027 Gulf daily output is 5.0 mln b/d below
February 2026 levels (versus a base-case 0.3 mln b/d decline), Brent could
average roughly $125/bbl in 2027; if 2027 Gulf output is 1.0 mln b/d above
February 2026 levels, Brent could fall into the low $60s per barrel.