Goldman Sachs Statement: Brent Target Raised to $120 on Supply Risk

Goldman Sachs issued a revised commodities statement reversing course from earlier this year, when the bank had trimmed its oil-price outlook. The new release sets $120 as a plausible ceiling for Brent crude, a sharp pivot within just three months.

The bank's communications team attributes the shift to escalating supply-side risk, referencing recent attacks on Saudi Aramco infrastructure that have already pushed WTI and Brent toward seven-week highs.

This press update signals institutional repositioning around geopolitical risk premiums, with Goldman's analysts explicitly flagging Houthi-linked disruptions as a catalyst that could sustain elevated crude pricing through the near term.