Oil rises at start of week: Brent at $105.48 – Goldman raises forecast
New attacks on tankers in the Gulf are pushing up oil prices. Goldman Sachs raises its December Brent forecast to $90 and puts the risk premium at just over $20.
Graphic: TERRA WORLD NEWS (own graphic based on the sources listed)
Oil prices extended gains at the start of the week. A barrel of Brent crude cost $105.48 on Monday morning Asian time, up 76 cents or 0.73%. US benchmark WTI rose 59 cents to $92.44. Over the weekend, the UK maritime security agency UKMTO reported that a tanker was struck by a drone near the Sohar anchorage in Oman and another was damaged by an unidentified projectile in the Strait of Hormuz. Yemen's Houthi militia also claimed responsibility for an attack on Riyadh's international airport.
Investment bank Goldman Sachs raised its December Brent forecast to $90 from $85. Analysts led by Daan Struyven put the risk premium in the oil price at just over $20 a barrel. For WTI they expect $81 in December and $73 for 2027. "We maintain our base case that continued adaptation of Mideast supply will eventually reduce crude oil prices," they wrote. In the Gulf of Mexico, Shell, Chevron and BP were preparing to restore output at their platforms after Hurricane Isaias.