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Goldman Sachs: Upside risks to oil prices increase; if the Strait of Hormuz remains blocked long-term, prices could reach historic highs
Goldman Sachs released a research report stating that in the short term, oil prices are very likely to continue rising because flow through the Strait of Hormuz remains at extremely low levels. If the sluggish flow causes the market to focus on the risk of prolonged disruptions, Brent crude oil could surpass the historic high in 2008. The bank believes that, given recent attacks on energy infrastructure, the Middle East conflict poses a risk to long-term oil prices. (Cailian Press)