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Oil rises to $110. Goldman Sachs says we’ll be in the triple digits for years (www.cnn.com)

submitted 1 week ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Oil prices rose Friday as energy infrastructure in the Middle East was damaged and the vital Strait of Hormuz was still largely shut.

Goldman Sachs even suggested that higher prices could last all the way through 2027.

Brent crude, the global oil benchmark, rose 1.4% to $110.2 a barrel. WTI, the US benchmark, was up 0.3% at $95.9.

“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.

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[–] Deceptichum@quokk.au 2 points 1 week ago

If its only for a year, many will continue on as they are already invested and change is expensive.