• Goldman Sachs lifted its Brent forecast for December 2026 to $105 a barrel from $90 and WTI to $94 from $81, citing heightened supply-disruption risks.
  • The bank now expects a 1-million-barrel-per-day global supply disruption allowance in 2027 and has raised its 2027 averages to $88 for Brent and $78 for WTI.
  • Oil prices could rise further if geopolitical tensions escalate, adding to inflation pressures and benefiting producers.

Goldman Sachs Boosts Oil Price Outlook

Goldman Sachs has sharply raised its oil price forecasts through 2027, citing heightened supply-disruption risks linked to conflicts in the Middle East and between Russia and Ukraine, as well as wider geopolitical fragmentation. In a note to clients, the bank lifted its December 2026 Brent forecast to $105 a barrel from $90 and its WTI forecast to $94 from $81. For 2027, Goldman now expects a global supply disruption allowance of 1 million barrels per day, raising its average Brent forecast to $88 and WTI to $78. The bank also increased its 2027 Brent forecast to $88 from $80 and WTI to $78 from $73. For Q1 2027, Goldman expects Brent at $98 and WTI at $87. However, its 2028 forecasts were lowered to $73 for Brent and $66 for WTI.

The revised forecasts come as recent Iran-Qatar talks have not eased market concerns about a lasting diplomatic breakthrough, according to people familiar with the matter. Efforts to secure a lasting agreement have hit a snag, leaving traders wary of potential supply disruptions. Goldman’s analysis suggests that the risk of disruption is significant enough to warrant a higher price premium.

Higher crude prices could raise fuel and transport costs and add inflation pressure, while benefiting oil producers. The outlook depends on whether disruptions materialize and how quickly supply recovers. Goldman Sachs is a global investment bank and financial-services firm, but the available reporting does not provide fresh company financial results or leadership changes.

A spokesperson for Goldman Sachs declined to comment on the specific forecasts. The bank’s commodity research team has a reputation for influential calls on energy markets, and its revised numbers are likely to be closely watched by investors and policymakers alike.

Correction: An earlier version of this article misstated the December 2026 Brent forecast as $108 per barrel. The correct figure is $105.