Goldman Sachs lifted its oil price outlook, citing prolonged disruption in the
Strait of Hormuz and “extreme” inventory draws. It now sees Brent averaging $100
this quarter and $90 in Q4, up from prior estimates. Analysts said global
inventories are falling at a record pace due to 14.5 million barrels/day of
supply losses, with a 9.6 million barrel/day deficit expected this quarter. The
bank warned of higher price and supply risks if disruptions persist.
