Goldman Sachs Bank reported that the price of standard Brent crude may exceed $120 per barrel in the last quarter of this year, and average $100 next year, provided that supply interruptions through the Strait of Hormuz continue and Gulf countries’ production does not fully recover until the end of 2027.
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On the other hand, oil prices witnessed a decline as markets weighed reports related to mediation efforts between the United States and Iran and a proposal for a temporary ceasefire, in addition to the Ansar Allah group (Houthis) announcing the imposition of a naval blockade on Saudi Arabia through Bab al-Mandab, amid economic warnings of its repercussions on shipping costs and the risk of entering into a global recession.
