Goldman Sees Brent Crude Stuck in $80-$90 Range

Goldman Sachs has forecasted that Brent crude oil prices will likely stay within an $80-$90 per barrel range until either a new U.S.-Iran nuclear deal is confirmed or there's a significant escalation in their conflict.

The bank estimates spot Brent's fair value at about $80 a barrel, suggesting markets are pricing in only a modest risk premium despite ongoing uncertainty over Middle East oil supplies.

Brent traded near $85 per barrel on Tuesday as conflicting signals from the U.S. and Iran over the status of talks to end their five-month-old war sowed uncertainty.

Despite a brief retreat to the low-to-mid $80s after the U.S. delayed planned strikes on Iran and reports suggested progress in talks, Goldman said physical oil markets continue to tighten.