Goldman Sachs raises the forecast for crude oil prices, the impact of the blockade in the Strait of Hormuz intensifies.

Goldman Sachs has raised its oil price forecast due to the continued blockage of the Strait of Hormuz leading to "extreme" decline in crude oil inventories. In a report on April 27, Goldman Sachs analysts stated that they expect Brent crude oil to average $90 per barrel in the fourth quarter, higher than their previous forecast of $80. As the conflict continues, Goldman Sachs also raised its price forecasts for Brent crude oil and WTI crude oil for this quarter and the third quarter. The analysts at Goldman Sachs said: "We estimate that the daily oil production in the Persian Gulf region has decreased by 14.5 million barrels, driving global crude oil inventories to drop at a record daily rate of 11 to 12 million barrels this month." They added that this extreme inventory decline is not sustainable unless demand also sharply declines.