Oil dips but stays elevated as Goldman Sachs warns prices may top $100 through 2027

Oil prices edged lower on Friday after a tumultuous day that saw the international benchmark surge above $119 a barrel as the Middle East conflict deepened energy supply fears.

But analysts warned prices would stay elevated, with energy infrastructure damaged, and vital oil and gas shipping lane the Strait of Hormuz effectively shut.

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

“The persistence of several prior large supply shocks underscores the risk that oil prices may stay above $100 for longer in risk