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G Sachs Raises Oil Price Forecast for 4Q26 Assuming Extended Hormuz Strait Disruption
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In response to the intensified risks the Middle East war has posed on global energy supply, the International Energy Agency agreed on Wednesday (11th) to release a record-breaking 400 million barrels of strategic reserve oil, mostly of which will be supplied by the US. Amid reports that Oman has evacuated all ships from key oil export terminals, New York oil futures for April delivery rose by nearly 8% to USD94.17 per barrel, while Brent oil futures for May delivery vaulted over the USD100 mark, reaching USD100.14 per barrel with a leap of 8.9%. Assuming that the conflict between the US and Israel against Iran would lead to prolonged disruption of oil transportation through the Hormuz Strait, Goldman Sachs released a report raising its forecasts for Brent and New York oil futures for 4Q26 from USD66 and USD62 per barrel to USD71 and USD67 per barrel, respectively. AAStocks Financial News |
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