Goldman Sachs has raised its oil price forecasts amid elevated risks to global supplies, warning that Brent crude could surge to $140 a barrel in 2027 if oil production in the Gulf region remains significantly below its 2025 average, according to Reuters.The investment bank raised its December forecast for Brent crude to $105 a barrel from $90 previously. Its forecast for US West Texas Intermediate (WTI) crude was increased to $94 a barrel from $81, the report stated.US MarketsPowered ByAs on 31 Oct 2026, 01:30 AM ISTS&P 500 Top GainersRegeneron Pharmaceuticals927.89(13.33%)Global Payments96.84(12.97%)GoDaddy117.24(10.72%)Mohawk Industries139.41(7.25%)Gainers»S&P 500 Top LosersIntel65.76(-28.58%)Datadog235.27(-11.50%)Qualcomm164.79(-11.12%)Advanced Micro Devices504.80(-10.88%)Losers»In an upside scenario, Brent crude could reach $140 a barrel and average around $130 in 2027 if average Gulf oil production remains 3.5 million barrels per day below its 2025 average, Reuters reported, citing the bank's projections.Live EventsGoldman Sachs expects oil markets to factor in a higher geopolitical risk premium, reflecting potential disruptions to Middle East supplies, the historical duration of major supply shocks and market concerns that a lasting diplomatic breakthrough will be difficult to achieve, according to Reuters.Brent crude slipped more than 1% to $111.84 a barrel on Monday after Iranian and Qatari officials held a third consecutive day of talks aimed at securing an agreement to end the US-Israeli war with Iran.Despite the decline, Brent ended October at its highest level in six months, amid concerns that the conflict between the US and Iran could escalate again after Tuesday's US midterm elections.Goldman Sachs also flagged broader geopolitical uncertainties as a significant threat to global energy supplies.