Goldman Sachs Cuts Fourth-Quarter Crude Forecast to $80

Goldman Sachs has revised its fourth-quarter crude oil price forecast down to $80 per barrel, attributing the shift to the recent US-Iran interim peace agreement. The bank's co-head of global commodities research, Daan Struyven, highlights that market flexibility and underestimated supply dynamics played a significant role in the rapid decline in oil prices. This move underscores the market's responsiveness to geopolitical shifts, indicating that global oil prices could see more fluctuations based on international relations. The change in forecast matters as it impacts everything from energy sector investments to global economic trends.