Goldman Sachs Raises Oil Price Forecasts Amid Concerns Over Strait of Hormuz Closure
Goldman Sachs has increased its oil price forecasts due to the prolonged closure of the Strait of Hormuz, which is causing significant reductions in global oil inventories. The firm now expects Brent crude to average $90 per barrel in the fourth quarter, up from a previous estimate of $80. The situation has led to a 50% rise in Brent prices since late February, raising concerns about inflation and economic growth.
Tickers: $GS
Topics: global inflation Goldman Sachs Hormuz Strait oil prices supply shock