According to the October 20 Goldman Sachs report, geopolitical conflicts, energy and agricultural supply disruptions, and extreme weather could keep commodity prices volatile into 2027. Its base case assumes Middle Eastern supply recovers, bringing Brent to $90/bbl and European natural gas to EUR70/MWh by end-2026. If average Gulf output stays 5 million barrels per day below February 2026 levels, Brent could rally to $140 in early 2027 and average around $125/bbl that year. Energy prices have moved more closely with equities and bonds since the Iran war began, while agricultural markets face pressure from the Iran and Russia-Ukraine conflicts and a possible severe El Niño. Goldman also expects copper to average $15,400 per tonne in 2027 and gold to reach $5,400 per ounce by end-2027.
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Related tickers and likely impact
PVD
▲ Likely positivePetroVietNam
Relevance: low
| Market | Vietnam stocks |
|---|---|
| Exchange | HOSE |
| Sector | Oil & Gas |
| Industry | Oil Equipment & Services |
| Market cap | 16,699 bn VND |
| P/E | 15.0 |
| P/B | 0.96 |
| Close on 10/21/2026 | 18.00 |
| Change that session | 0.00% |
XAU/USD
▲ Likely positiveRelevance: low
| Market | Gold |
|---|---|
| Close on 10/20/2026 | 4,125.21 |
| Change that session | -0.38% |
VNINDEX
• NeutralRelevance: low
| Market | Vietnam stocks |
|---|---|
| Close on 10/21/2026 | 1,738.67 |
| Change that session | +2.76% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Brent could hit USD 140 in 2027 on Gulf supply risks , extreme weather conditions : Report
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Goldman Sachs warns that geopolitical conflicts, energy and agricultural supply disruptions, and extreme weather could keep commodity prices volatile into 2027. Its base case sees Brent and European gas falling to $90/bbl and EUR70/MWh by end-2026 as Middle Eastern supply recovers. If Gulf output stays 5 million barrels per day below February 2026 levels, Brent could rally to $140 in early 2027 and average about $125/bbl that year, while European gas could reach EUR150/MWh with a colder winter. The bank also expects copper to average $15,400 per tonne and gold to reach $5,400 per ounce by end-2027, while the Bloomberg Commodity Index has returned 36% year-to-date.
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