Oil prices to hit $120 soon? Goldman Sachs makes big prediction as Hormuz concerns loom

Goldman Sachs expects Brent crude to average 80 dollars per barrel in the fourth quarter and 75 dollars next year, assuming Middle East tensions ease. Risks remain tilted to the upside due to potential disruptions through the Strait of Hormuz and the Red Sea, with Brent recently climbing above 91 dollars. Lower global inventories in Q2 have increased market vulnerability to supply shocks, though weaker Chinese imports and demand elasticity could cap further gains.