For the first time this week, the Brent crude, of international reference, once again exceeded$ 100 per barrel, while the US WTI approached$ 96 per barrel, a new escalation of attacks between the United States and Iran, which continues to prolong the Middle East conflict and raises the possibility of new interruptions in upcoming oil and fuel flows.
In contrast, the average national gasoline price continues to exceed$ 4 per gallon, according to AAA reports over the long weekend and Labor Day holidays, which put pressure on Americans ' pockets.
In this regard, a recent Goldman Sachs report warns that, if the conflict continues, global oil prices will rise to $120 per barrel and, according to the entity, this would represent a 20% increase in Brent crude, after, in the last two months, the international benchmark increased approximately $72 per barrel.
According to economists, the markets are gearing up for an even longer issue in the wake of fresh threats and hostilities between the two nations in the document. There is a 26 % chance that the Brent will remain above$ 100 in the upcoming survey, according to the results. The dangers to our amount forecast are still significantly higher, particularly in the near future, they said.
For its part, an analysis presented by Eurasia Group predicts that crude prices will remain between $80 and $100 per barrel. Economists in this survey indicate that so far “there are few chances that any of the relevant conflicts will be resolved,” including the war between the United States and Iran, Saudi Arabia and the Houthis in Yemen, Russia and Ukraine.
According to data provided by Brown University, the impact has been even greater for American consumers, who have spent an average of$ 100 billion on additional fuel since the start of the conflict.
This is the time of year when most Americans see oil prices rise as demand declines and we rapidly transition to winter gas, according to GasBuddy petrol analyst Patrick De Haan, but this year has seen many more increases, particularly for gasoline, the fuel that fuels the U. S. economy, and this trend is likely to continue, he said.
