Crude Oil: Will there be a big jump in the prices of petrol and diesel? Warning received from abroad, crude oil will cross 120 dollars

Crude Oil Price Hike Alert: The ongoing conflict between America and Iran in the Middle East is continuously increasing. The Strait of Hormuz has been completely closed for the last several days. On the other hand, due to the closure of the sea route to Saudi Arabia by Houthi rebels, concerns have increased regarding exports through the Red Sea. Its effect is visible on the prices of crude oil. Amidst the ongoing rise in crude oil for the last one week, it has crossed $95 per barrel.

Rising oil prices have already heightened global concerns. Meanwhile, a warning has come from abroad which is frightening. In fact, Goldman Sachs has warned that the price of crude oil may cross $120.

Impact of US-Iran war on crude oil

Point to be noted is that middle east There is a lot of turmoil in the international oil markets due to the renewed conflict between America and Iran. Till the time of writing the news on Thursday, there has been a sharp rise in the prices of crude oil in the international oil market. Brent Crude Oil Price is trading at $ 95.95 per barrel.

Crude oil may reach beyond $120

According to Bloomberg report, Goldman, citing one of his notes, said that if any kind of obstruction continues in goods transportation through the Strait of Hormuz, then by the fourth quarter the price of Brent crude oil in the international market may exceed $ 120 per barrel. It is noteworthy that earlier in the month of March-April, when the war between America and Iran intensified, the prices of crude oil had reached $120.

Analysts at investment giant Goleman Sachs, led by Dan Struven, said oil prices had risen sharply as tensions rose again in the Middle East and expected oil flows from the Persian Gulf fell below 45 percent of pre-war levels. He also said that the risks are high for these estimates of crude oil price crossing $120, which indicates the possibility of continued obstruction in Hormuz and crisis on exports in the Red Sea.

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Prices may decrease after conflict subsides

Apart from this, Goldman has also predicted that if the conflict in West Asia subsides, the price of Brent will fall to $ 80 per barrel in the fourth quarter and to $ 75 per barrel next year. Strait of Hormuz Due to the blockage, the role of the Red Sea has become important in delivering crude oil cargo to global buyers. Where the action of Yemen’s Iran-backed Houthi rebels on Saudi Arabia has increased concerns about this sea route.