Goldman Sachs has raised its oil price forecast as disruptions to energy production in the Gulf drag on amid the ongoing Middle East conflict.
The investment bank’s commodity analysts now project that Brent crude, the international benchmark, will trade at about $90 a barrel in the last three months of this year, up from an earlier projection of $80.
In a note published late on Sunday in the US, the analysts forecast that oil exports from the Middle East will only normalise by the end of June, rather than by mid-May, and that the crisis had cut oil inventories by up to 12mn barrels a day in April.
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