0802 GMT - Current oil prices include only a modest geopolitical risk premium despite persistent uncertainty in the Middle East, analysts at Goldman Sachs say. The U.S. bank estimates that Brent crude, the global oil benchmark, is fairly valued at around $80 a barrel based on oil inventories, expected demand from OECD countries, its estimate of the long-term value of oil and historical trading patterns linking inventories to prices. Goldman expects Brent to remain in its $80-$90 range until either a new U.S.-Iran deal is reached or the conflict escalates significantly. Still, the physical market is getting tighter amid lower flows from the Persian Gulf and the Red Sea, lower Russian oil exports, and stronger Asian imports. "Our estimated Persian Gulf flows edged down to 36% of prewar levels versus nearly 80% of prewar levels in the first half of July," they say.