Goldman Sachs forecasts Brent crude over $120

Goldman Sachs Bank expects Brent crude oil to potentially exceed $120 per barrel in the last quarter of this year, amid ongoing disruptions in the Straits of Hormuz and decreased production from Gulf countries, with projections that the average price next year will be around $100. This outlook is based on the possibility that continued supply outages and a slow recovery in production could drive prices higher, especially if tensions in the region do not ease. Additionally, increasing attacks and tensions in the Middle East heighten the risk of rising prices and reduce oil flows from the Gulf, supporting expectations of higher oil prices in the near future.

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