Oil can spike by $15 if Hormuz Strait stays closed: Goldman Sachs

Goldman Sachs estimated that oil prices could jump by $15 per barrel if the Strait of Hormuz remains closed for a month. Brent crude surged 16% to $83.4, the highest since July 2024, as Middle East tensions halted shipments. The bank raised its Q2 price forecasts, warning gas prices could also climb significantly.