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

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.