Goldman Sachs Sees Brent Crude Trading at $80-$90 Amid Ongoing U.S.-Iran Tensions

Goldman Sachs has forecasted that Brent crude will trade within the range of $80-$90 per barrel until there is clarity on either a new U.S.-Iran nuclear agreement or a significant escalation in their conflict. This estimate suggests that oil markets are currently pricing in only a modest geopolitical risk premium despite persistent uncertainty over Middle East oil supplies.

Brent crude traded near $85 per barrel as mixed signals from the United States and Iran continued to cloud the market outlook. Goldman Sachs pointed out that although prices eased into the low-to-mid $80 range after the United States delayed planned strikes on Iran, physical oil market conditions have continued to tighten.

The bank estimated that global visible oil inventories declined by 6.3 million barrels per day over the past two weeks. This drop was driven by lower oil flows from the Gulf and Red Sea, reduced Russian exports, and stronger crude imports across Asia.