Goldman Sachs: Brent Crude Could Exceed $120/Barrel in Q4 if Hormuz Disruptions Persist

According to Goldman Sachs, on July 23, Brent crude could exceed $120 per barrel in the fourth quarter if disruptions in the Strait of Hormuz persist, despite weakening Chinese demand limiting upward price pressure. Separately, Brent crude futures for September delivery surged 7.04% to close at $100.69 per barrel on the ICE exchange that day. Wolf Research warned against underestimating supply risks in the Red Sea region, where Houthi attacks could disrupt approximately 4.5 million barrels of daily oil production.
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