Goldman sees Brent exceeding $120/bbl in Q4 if Hormuz disruptions persist

Goldman Sachs said on Monday that Brent crude could top $120 a barrel in the fourth quarter this year and average $100 a barrel next year if flows through the Strait of Hormuz remain disrupted and Gulf output only fully recovers by the end of 2027. Oil prices softened on Tuesday, with markets weighing reports of mediation efforts between the US and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen's Houthis.

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