Goldman Sachs projects Brent crude at $120 if Strait of Hormuz stays closed

Goldman Sachs stated Brent crude oil could reach $120 per barrel this year if the Strait of Hormuz remains closed. The bank issued the projection as a conditional scenario tied to the waterway's status.

The Strait of Hormuz connects the Persian Gulf to the Gulf of Oman and serves as a major transit route for oil shipments. Closure of the strait would affect tanker traffic between major oil-producing areas and global markets.

The $120 figure represents an upper-bound estimate under the stated closure assumption. The bank did not provide additional details on timeline or probability in the reported statement.