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📰 OIL PRICES RISE ON MIDDLE EAST DISRUPTION RISKS Oil prices rise, with Brent crude oil increasing 1.9% to $79.50 a barrel and WTI gaining 2.1% to $75.96 a barrel. Brent has risen nearly 11% in the past week, as the market weighs risks of oil-production disruption in the Middle East following Tuesday’s strikes on Israel by Iran, Goldman Sachs analysts say in a note. Uncertainty over the situation is high, with a wide range of scenarios possible, Goldman analysts say. In the absence of major disruption to oil supply, the U.S. bank expects Brent to continue to trade in the $70-85 a barrel range, and estimates an average price of $77 a barrel for the fourth quarter and $76 a barrel for 2025. This reflects assumptions of roughly flat Iranian supply through 2025, and three months of OPEC+ production increases starting December, analysts add.

October 7, 2024
Frank

OIL PRICES RISE ON MIDDLE EAST DISRUPTION RISKS

Oil prices rise, with Brent crude oil increasing 1.9% to $79.50 a barrel and WTI gaining 2.1% to $75.96 a barrel. Brent has risen nearly 11% in the past week, as the market weighs risks of oil-production disruption in the Middle East following Tuesday’s strikes on Israel by Iran, Goldman Sachs analysts say in a note. Uncertainty over the situation is high, with a wide range of scenarios possible, Goldman analysts say. In the absence of major disruption to oil supply, the U.S. bank expects Brent to continue to trade in the $70-85 a barrel range, and estimates an average price of $77 a barrel for the fourth quarter and $76 a barrel for 2025. This reflects assumptions of roughly flat Iranian supply through 2025, and three months of OPEC+ production increases starting December, analysts add.