Brent oil sees $7/ barrel downside risk on a deal with Iran – Goldman Sachs

Dhwani Mehta FXStreet

Analysts at Goldman Sachs note that the prospect of agreement on Iran’s nuclear deal is a coin toss, which sees Brent oil if sanctions are lifted this year.

Key quotes

“We currently only expect a 50% probability of a deal in Dec-22 and a 50% probability that Iran will remain sanctioned through 2023.”

“A deal with Iran next month that would allow for a 3Q22 return of Iranian volumes to the market would represent up to $7/bbl downside risk relative to our above-consensus $105/bbl 2023 Brent forecast.”

But “would not derail our view for structurally higher prices.”

WTI crude oil bounces off weekly low towards $89.00 on geopolitics, API inventory data

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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