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Goldman Sachs forecasts $120 oil
Goldman Sachs Bank expects oil prices to rise to $120 per barrel if attacks and disruptions escalate in shipping lanes in the Middle East, especially amid increasing tensions between the United States and Iran near the Strait of Hormuz. This has led to Brent crude prices climbing to around $97.47 in the past six weeks, with demand for natural gas and diesel increasing as safe havens to hedge against geopolitical risks. The bank also noted that a return to normal exports could reduce the price to about $80, while prices of petroleum derivatives are expected to remain high due to the ongoing six-month war.
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