Goldman Sachs Raises December Brent Oil Price Forecast to $105

Goldman Sachs commodity analysts have revised their price forecast for Brent crude upwards, now expecting the benchmark to average $105 in December and remain elevated next year as well. This represents a nearly 17% increase from Goldman’s previous December forecast of $90 per barrel, with the team citing heightened risks to supply security, as reported by Bloomberg.

The revision, which is the latest in a series of such revisions coming from various banks, comes despite multiple reports about oil flows from the Persian Gulf returning to pre-war levels and even topping them. Next year, Goldman’s analysts expect Brent crude to average $88 per barrel, up from $80 per barrel in an earlier forecast.