Goldman Sachs expects oil prices to rise to more than $100 a barrel next week, if the crisis that impedes the movement of oil through the Strait of Hormuz continues without a solution on the horizon. The bank warned that the positive prospects for its fundamental forecasts are increasing at a rapid pace.
The bank stated that it will review its forecasts for oil prices soon if no indicators appear to support its assumption that the flow of oil through the Strait of Hormuz will gradually return to normal over the next few days.
His current forecasts indicate that the price of Brent crude will reach $80 per barrel in March, and $70 per barrel in the second quarter.
The bank also confirmed: “We now also believe that oil prices, especially refined products, are likely to exceed the peaks of 2008 and 2022, if the decline in oil flows through the Strait of Hormuz continues throughout the month of March.”
