Business
Goldman Sachs Warns Oil Could Hit $120
Brent crude could surge above $120 a barrel because of intensified attacks on shipping in the Strait of Hormuz and Red Sea, Goldman Sachs warned in a new oil price forecast.
“Markets are increasingly pricing a prolonged Mideast conflict,” the bank’s analysts said in a research note Monday evening.
Goldman said its baseline assumption was now that Middle East shipping disruptions would continue into next year. It predicted that $120 oil could become the norm in 2027 under its most pessimistic scenario for Middle East crude production, in which the region’s oil exports remain bottlenecked because of persistent tensions.
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