Goldman Sachs: Oil Prices May Remain Elevated for an Extended Period

Odaily News Goldman Sachs' commodities research team expects that high oil prices are likely to persist for an extended period. Goldman Sachs currently anticipates that oil flows through the Strait of Hormuz will remain at a low level of 5% of normal capacity for up to six weeks before gradually recovering to normal levels. Furthermore, given the heightened focus on risks associated with high production concentration and spare capacity, strategic reserves are expected to see structural growth, leading to higher long-term prices. Goldman Sachs now forecasts the average Brent crude price for 2026 to be $85 per barrel, up from its previous estimate of $77 per barrel. (Jin10)