Goldman Sachs predicts that if the disruption in the Strait of Hormuz persists, Brent crude oil could rise to over $120 per barrel by the fourth quarter, although the bank does not consider this its base case scenario. Analysts, including Daan Struyven, stated in a July 20 report: “The escalation of tension in the Middle East and the drop in Persian Gulf oil flows below 45% of pre-war levels have pushed oil prices up again.” Currently, Goldman Sachs expects Brent crude oil prices to be $80 per

Goldman Sachs predicts that if disruptions to traffic through the Strait of Hormuz persist, Brent crude oil could rise above $120 per barrel by the fourth quarter; however, the bank does not consider this a base-case scenario. In a report dated July 20, analysts including Daan Struyven stated: “An escalation of tensions in the Middle East and a decline in Persian Gulf oil flows to less than 45% of prewar levels have pushed oil prices upward again.” Currently, Goldman Sachs expects the price of Brent crude oil to be $80 per barrel in the fourth quarter and $75 next year, assuming a de-escalation of Middle East tensions. However, analysts noted that, due to potential shipping disruptions in the Strait of Hormuz and the Red Sea, risks to these forecasts are “skewed to the upside.”