Oil prices could surpass $120 per barrel if disruptions in Strait of Hormuz don’t ease, says Goldman Sachs

Analysts at the investment bank, led by Daan Struyven, see oil prices averaging $100 a barrel next year if traffic continues to be affected through the waterway.

By Nora Redmond

New warning on oil: Goldman Sachs says crude prices could cross $120

In a note dated July 20, Goldman Sachs analysts said, “Escalation in the Middle East and the decline in estimated Persian Gulf flows to below 45% of pre-war levels have pushed oil prices back up.”

By TOI BUSINESS DESK

Brent crude could top $120 per barrel if Hormuz disruptions persist, says Goldman Sachs

At present, Goldman sees Brent at $80 a barrel in the fourth quarter, and $75 next year, predicated on a de-escalation of tensions in the Middle East

Goldman Warns Brent Could Top $120 If Gulf Chokepoint Crisis Deepens

Goldman Warns Brent Could Top $120 If Gulf Chokepoint Crisis Deepens Brent crude futures are trading in the low $90s as the Gulf area escalation enters a tenth consecutive day. Iran attacked a tanker in the Strait of Hormuz, while two tankers carrying Saudi crude reversed course in the southern Red Sea after warnings from Iran-backed Houthi forces placed another critical maritime chokepoint under threat. For more color on energy markets, Goldman commodities expert Daan Struyv...

By Tyler Durden