<2> Goldman Sachs Raises Q4 Brent, WTI Crude Price Forecast Amid Longer Hormuz Disruption
<3> Market Outlook: Increasing Tensions in the Middle East
Goldman Sachs has revised its forecast for the fourth quarter Brent and WTI crude oil prices, citing the prolonged disruption to oil supplies through the Strait of Hormuz. The Strait, a critical waterway for global oil trade, has been a focal point of escalating tensions between the United States and Iran.
<4> Goldman Sachs’ revised forecast, released on Bloomberg, indicates a significant increase in Brent crude prices, with an average forecast of $71.50 per barrel for the fourth quarter. This represents a 10% increase from the previous forecast.
<5> The increase in Brent crude prices is largely attributed to the prolonged disruption to oil supplies through the Strait of Hormuz. The Strait, which connects the Persian Gulf to the Gulf of Oman, is a critical waterway for global oil trade, with approximately 20% of the world’s oil passing through it.
<6> The prolonged disruption to oil supplies through the Strait of Hormuz has led to a significant increase in oil prices, with Brent crude