Now Reading: Crude oil crosses $110, Goldman Sachs sees dip by 2027
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Crude oil crosses $110, Goldman Sachs sees dip by 2027
The Story in Brief
Brent crude oil was trading at $110.37 a barrel at 7:50 am on Wednesday, 21 October, while US crude WTI stood at $99.17 a barrel. Prices initially fell in early trade but then surged. The spike is driven by two factors: reports of attacks in Gulf states and a US decision on Russian oil supplies that remains unresolved.
On Monday, 19 October, Yemen's Houthi group claimed it targeted Saudi energy centres, airports and military bases, including an Aramco facility at Yanbu, the Shaybah oilfield and Riyadh's King Khalid International Airport. Saudi officials did not immediately confirm the claims, and there was no independent verification. Separately, an attack on a security forces training camp in Yemen's Shabwa province killed 58 people and injured over 200.
Goldman Sachs Research has said crude prices could gradually fall over the next year as Middle East supply improves. However, uncertainty over US sanctions relief for Russian oil, after President Donald Trump issued an order on 16 October that he partially walked back the next day, continues to keep markets on edge.
Indian Opinion Analysis
The report makes clear that two conflicting forces are shaping oil prices: Middle East supply disruption fears and the prospect of eased US sanctions on Russian oil. Markets are pricing in near-term risk from Houthi attacks on Saudi infrastructure, but the medium-term outlook from Goldman Sachs rests on a bet that supply will stabilise. The unresolved question is whether the US will follow through on sanctions relief for Russian oil, which would boost global supply and lower prices. Until that decision is clarified, volatility is likely to persist.
Source: tv9hindi.com
This brief was synthesised by AI from the source linked above. Methodology and corrections.
Update, 21 October 2026: this story has been refreshed.
