Goldman Sachs said it expects oil prices to climb to US$80 per barrel in the fourth quarter of this year, arguing that the market has underestimated a rebound in demand even with a possible resumption in Iranian supply, Reuters reports.
"The case for higher oil prices therefore remains intact given the large vaccine-driven increase in demand in the face of inelastic supply," the bank said in a note dated Sunday.
Even "aggressively assuming" a restart of Iranian exports in July, Brent prices would still reach the $80 mark by the fourth quarter, it said.
