Brent Crude Prices to Remain in $80-$90 Range Amid Middle East Uncertainty

Goldman Sachs has forecast that Brent crude prices will remain in the $80-$90 per barrel range, citing continued uncertainty over oil supplies from the Middle East.

The bank estimates that Brent's fair value is around $80 a barrel, and notes that current market pricing suggests only a limited geopolitical risk premium has been factored in.

Brent crude was trading at around $85 per barrel on Tuesday, influenced by conflicting signals from the United States and Iran over negotiations aimed at ending their five-month conflict.

Goldman believes conditions in the physical oil market have become increasingly tight, with visible global oil inventories declining by 6.3 million barrels per day over the past two weeks.