Goldman Sachs: If the Strait of Hormuz supply disruption lasts for five weeks, Brent crude will rise to $100

Odaily Planet Daily reports that Goldman Sachs states ongoing geopolitical uncertainties may keep risk premiums on oil prices, leading to an upward revision of their Q2 average oil price forecast. The bank has raised its Brent crude oil price forecast from $66 per barrel to $76, and its WTI crude oil forecast from $62 to $71. Analysts note that if the supply disruption in the Strait of Hormuz persists for about five more weeks, Brent prices could rise to $100 per barrel. Goldman Sachs also mentioned that if there is a brief export collapse followed by a gradual recovery, inventories in Organization for Economic Co-operation and Development (OECD) countries could be quickly depleted, and the loss of oil production in the Middle East could reach approximately 200 million barrels. (Jin10)