Goldman Sachs Raises Brent Oil Forecast Amid Persian Production Losses

Goldman Sachs has revised its fourth-quarter forecast for Brent crude oil to $90 per barrel, according to Daan Struyven, the bank's co-head of global commodities research. According to NS3.AI, this adjustment follows an estimated cumulative loss of approximately 2 billion barrels in Persian oil production by the end of the year. Struyven noted that Goldman Sachs anticipates only 90% of Persian Gulf oil production will be restored by December. He also warned that in a severely adverse scenario, Brent prices could surge to $120 per barrel by the fourth quarter.