Oil Outlook Raised Again as Middle East Shock Tightens Markets

Goldman Sachs again lifts its oil-price outlook, forecasting Brent around $90/bbl and WTI about $83/bbl in Q4, with current trading near $106.68/bbl Brent and $95.35/bbl WTI as Iran–U.S. talks stall. The bank warns the Middle East supply shock is curbing demand, expecting global demand to fall by roughly 1.7 million bpd in the current quarter and about 100,000 bpd in 2026 versus 2025, and estimating 14.5 million bpd of lost Middle East production. ING analysts likewise see a tightening market and a roughly 13 mbpd shortfall that will push prices higher, while noting that sustained inventory draws could intensify demand destruction if the shock lasts longer.