Stories
Crude Oil Nears $110 As Goldman Sachs Predicts 2027 Prices Amid Global Tensions
- •International crude oil prices surged near $110 per barrel, driven by Middle East attacks and US policy uncertainty on Russia.
- •Rising crude prices could increase India's import bill, impacting inflation, transportation costs, and corporate expenses.
- •Goldman Sachs projects Brent crude prices to average around $80 per barrel by 2027 as Middle East oil supplies gradually recover.
Key Questions Answered
On October 20, 2026, Brent crude traded at $110 per barrel and US crude WTI stood at $103.64 per barrel. According to Goldman Sachs, the average price of Brent crude is projected to be $80 per barrel for the year 2027.
US President Donald Trump issued an order mentioning relief on certain Russia-related sanctions, tariffs, and penalties, but quickly clarified that a final decision had not yet been made. This uncertainty over future Russian oil supplies and availability has left the market volatile.
Rising Middle East tensions, including reported Houthi attacks on energy facilities and airports in Saudi Arabia and Yemen, have heightened concerns over regional instability and supply disruptions, keeping crude prices elevated above $100 per barrel.
