Goldman Sees Brent Crude Trading Range Until US-Iran Deal or Escalation

Goldman Sachs has forecasted that Brent crude will trade in an $80-$90 per barrel range until either confirmation of a US-Iran nuclear deal or a significant escalation of their conflict.

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

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