Goldman Sachs raised its December 2026 forecasts for Brent and WTI by $5, to $85 and $80 per barrel respectively, and warned Brent could exceed $120 in 2027 if Gulf output remains 4 million barrels per day below prewar levels. The raised December target still sits roughly sixteen dollars BELOW the September 9 spot settlement - the sell-side explicitly modelling the current premium as a war premium that decays rather than a new equilibrium level.