Brent crude prices: Oil prices prediction: Goldman Sachs raises Brent crude, WTI rates. Check today’s price
“Economic risks are greater than suggested by our crude base case alone due to net upside risks to oil prices, unusually high refined product prices, risks of product shortages and the unprecedented scale of the shock,” GS analysts led by Daan Struyven wrote in an April 16 note. he said.
Oil prices rose nearly 2 percent on Monday as peace talks between the United States and Iran stalled, shipments through the Strait of Hormuz remained limited, and global oil supplies remained tight.
Brent crude futures rose $2.16, or 2.05 percent, to $107.49 a barrel, the highest since April 7. In the US, West Texas Intermediate increased by $1.77 or 1.88 percent, reaching $96.17 per barrel. Last week, Brent and WTI rose nearly 17 percent and 13 percent respectively, recording their biggest weekly gains since the start of the war.
Hopes of reviving peace efforts faded when US President Donald Trump canceled the planned trip of his envoys Steve Witkoff and Jared Kushner to Islamabad, despite the arrival of Iranian Foreign Minister Abbas Araqchi in Pakistan.
“This move puts the ball squarely in Iran’s court, and the clock is now ticking loudly,” IG market analyst Tony Sycamore said in a note, adding that Tehran may be forced to halt production at its aging oil fields as its storage capacity runs out.
While Tehran largely closed the strait, Washington blockaded Iranian ports. Kpler’s shipping data showed that traffic in the Strait of Hormuz remained limited and only one oil products tanker entered the Gulf on Sunday.
