Oil prices dipped Friday but remained well above $100, with energy infrastructure in the Middle East damaged and the vital Strait of Hormuz still largely shut.
Goldman Sachs even suggested that higher prices could last all the way through 2027.
Brent crude, the global oil benchmark, ticked down 0.1% to $108.5 a barrel, having risen to $110 earlier in the day. US crude was broadly flat at $95.6.
“The persistence of several prior large supply shocks underscores the risk that oil prices may stay above $100 for longer in risk scenarios with lengthier disruptions and large persistent supply losses,” Goldman analysts wrote in a note Thursday.
US and Brent crude have diverged slightly this week after the Trump administration worked to bring some more US production online. The United States is the largest oil producer in the world, insulating the country from some — but not all — of the recent disruption from the Iran war, Deutsche Bank analysts noted Friday.
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