Goldman Sachs' Daan Struyven Explains Why Oil Prices Are Rising Despite Supply Recovery

Daan Struyven, Co-Head of Global Commodities Research and Head of Oil Research at Goldman Sachs, noted on the Goldman Sachs Exchanges podcast that despite the rebound in Middle East crude flows, precautionary buying by physical buyers and portfolio hedging demand from institutional investors continue to push oil prices higher. Refined product exports from the Persian Gulf are only around 40% of 2025 average levels. He expects copper prices to rise another 10% by the end of 2027, and gold prices may also move higher due to central bank demand.