Goldman Cuts Oil Price Forecasts After Ceasefire Announcement

Goldman Sachs updated its price expectations for crude oil late on Wednesday following the news of a ceasefire deal between Iran and the United States, just hours before reports started coming in suggesting Iran may have closed the Strait of Hormuz again. According to Goldman, the ceasefire would push Brent crude to an average of $90 per barrel in the current quarter, with West Texas Intermediate to $87 per barrel, Reuters reported. WTI is currently trading at a premium to Brent crude, but the gap is closing. At the time of writing, Brent crude…