Goldman Sachs predicts that U.S. sanctions on Russia could cause Brent crude oil prices to surpass $85 per barrel in the short-term, and potentially reach $90 per barrel if Russian output declines alongside a reduction in Iranian production. The recent sanctions imposed by President Joe Biden target Russia's oil and gas revenues in an effort to support peace negotiations in Ukraine. The sanctions may lead Chinese and Indian refiners to seek alternative oil sources, potentially increasing oil prices and freight costs. Despite the potential impact on oil prices, Goldman Sachs maintains its base case scenario of Brent crude prices ranging between $70 and $85 per barrel this year.
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Original article source: https://www.dailymail.co.uk/wires/reuters/article-14277311/US-sanctions-Russia-push-oil-85-Goldman-Sachs-says.html
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