Goldman Sachs has revised its outlook, forecasting Brent to average above $100 in March due to infrastructure damage in the Middle East and the ongoing blockade of the Strait of Hormuz, which handles a fifth of global oil and gas supplies. Analysts warned that if the disruption persists for two months, Brent prices could surge to an average of $93 in the fourth quarter, significantly higher than previous estimates of $71. Brent crude futures for May delivery rose 0.55% to $101.01 a barrel, tracking a weekly gain of approximately 8%, while U.S. West Texas Intermediate (WTI) crude for April delivery edged up 0.35% to $96.08. The market remains on edge following U.S. President Donald Trump’s warnings of potential strikes on Iran next week, alongside a temporary U.S. waiver allowing the purchase of Russian seaborne oil to stabilize global energy prices. While some tankers have managed to exit the Strait, experts suggest that the passage remains effectively restricted, and recent price dips should be viewed as temporary fluctuations in a highly volatile market. Oil prices erased early losses on Friday to climb back above the $100 mark, as markets reassessed the risk of prolonged supply disruptions in the Strait of Hormuz.
