Goldman Sachs raised its December Brent crude forecast to $105 a barrel from $90 and its 2027 average estimate to $88 from $80, citing heightened uncertainty over Middle East supplies and disruptions linked to the Russia-Ukraine war. It also lifted its West Texas Intermediate forecast to $94 a barrel for December and $78 for 2027, from $73. Goldman’s 2027 base case includes a global supply disruption of 1 million barrels a day because the timing and location of disruptions are difficult to predict. Analysts Daan Struyven and Yulia Zhestkova Grigsby said crude markets would retain a substantial geopolitical risk premium, with investors weighing the possibility of increased military conflict after the U.S. midterm elections. Brent rose 14% in October to a six-month high, despite Middle Eastern supply nearing prewar levels. Morgan Stanley and Australia and New Zealand Banking Group also raised their year-end Brent forecasts to about $105 a barrel, while Brent futures traded around $110 on the day.