Goldman Sachs raised its forecast for oil prices for the end of this year and for 2027.

Bloomberg News wrote that the bank has joined other banks that, after months of war in the Middle East, have raised their outlooks.

In a note, analysts at the bank, including Dan Stroewion and Yulia Zhestkova Griezbi, said that the price of Brent crude oil will reach $105 per barrel in December, compared with the previous estimate of $90.

According to the note, the average price next year will be $88, which is 10% higher than the previous forecast. The analysts also raised their forecast for U.S. West Texas Intermediate (WTI) crude oil.

Brent fell 3.2% on Monday, 11 Aban, to $109.75 per barrel, which is higher than Goldman Sachs’s new estimate for December.

OPEC+ kept the production ceiling for December unchanged. Oil exports by member states on the Persian Gulf’s margins in September, on average, returned to 81% of the pre-war rate.