Affected by the continuing escalation of the geopolitical conflict in the Middle East, Goldman Sachs recently raised its crude oil price forecast. The bank warned that if shipping attacks in the Strait of Hormuz and Red Sea regions intensify further, the price of Brent crude oil may soar to 120 US dollars per barrel. In a research report released on Monday evening, the Brent crude oil price forecast for December 2026 was raised by $5 to $85 per barrel based on a new benchmark assumption that Middle Eastern shipping disruptions will continue until 2027. At the same time, the bank has set a more pessimistic extreme scenario: if Middle Eastern crude oil exports face bottlenecks for a long time due to ongoing tension, the price of $120 per barrel may become the norm in 2027.

Affected by the continuing escalation of the geopolitical conflict in the Middle East, Goldman Sachs recently raised its crude oil price forecast. The bank warned that if shipping attacks in the Strait of Hormuz and Red Sea regions intensify further, the price of Brent crude oil may soar to 120 US dollars per barrel. In a research report released on Monday evening, the Brent crude oil price forecast for December 2026 was raised by $5 to $85 per barrel based on a new benchmark assumption that Middle Eastern shipping disruptions will continue until 2027. At the same time, the bank has set a more pessimistic extreme scenario: if Middle Eastern crude oil exports face bottlenecks for a long time due to ongoing tension, the price of $120 per barrel may become the norm in 2027.