Strict sanctions enforcement on Iran could send Brent to nearly $90 per barrel Goldman Sachs.
The two-day oil price rally on Friday and Monday following the latest U.S. sanctions on Russia 's oil exports goes to show that geopolitics will continue to play a key role in oil price action and market balances this year. The price rally, which pushed oil to four-month highs, could just be a knee-jerk reaction until tanker supply chains adapt to the latest sanctions move.
on Friday, a source at the Indian government toldReuterson Monday. Despite the hefty sanctions, the world's third-largest crude importer doesn't expect major disruptions during the two-month wind-down period until March. The U.S. sanctions are putting about 700,000 barrels per day bpd of Russian crude exports at risk, but the losses to the market will likely be smaller, Warren Patterson, Head of Commodities Strategy at ING, said.
Oil Oil Prices Iran Russia Goldman Sachs Energy Commodities
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