Goldman Sachs has raised its oil price target, forecasting Brent crude could reach as high as $120 a barrel if disruptions in the Strait of Hormuz persist until 2027. Brent has traded around $90 a barrel in recent weeks, and prediction markets currently assign a new all-time high by year-end only a slim chance.
Goldman Sachs now sees Brent crude reaching as high as $120 per barrel if disruptions at the Strait of Hormuz continue through 2027. The bank's revised target reflects the ongoing volatility and supply risks tied to the critical maritime chokepoint.
Brent crude, the global benchmark for oil prices, has traded around $90 per barrel in recent weeks. Goldman's outlook suggests prolonged instability in the region could maintain a substantial supply-risk premium embedded in oil prices.
Yet traders betting on a new oil price record remain cautious. A market for a new all-time high by September 30 is priced at just 1.2% YES. The December 31 market shows a higher 9.5% YES.
The picture is complicated further by OPEC's production decisions, tensions in the Middle East, and global oil demand trends.
Source: Crypto Briefing
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