Goldman Sachs: Brent may exceed $120 if Hormuz issues persist
Goldman Sachs Group expects Brent crude to rise to over $120 per barrel in the last quarter of this year if supply disruptions through the Strait of Hormuz continue and Gulf production does not fully recover by the end of 2027. They indicated that reduced Gulf flows and increasing tensions in the Middle East could pose risks of rising prices, with an average price forecast of $100 per barrel in 2024. Oil prices recently declined amid efforts to mediate between the United States and Iran, with Brent at $88.83 and West Texas at $82.49. However, recent escalations in tensions led to jumps during the previous week.
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