Oil News: Brent Nears $96 as Hormuz Flows Drop and Houthi Threats Grow
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Key Points:
- Goldman Sachs sees Brent above $120 in Q4 if Hormuz disruption persists and Gulf oil flows stay restricted.
- Gulf crude flows have fallen below 45% of pre-war levels, pushing Brent toward $95 as Hormuz disruption deepens.
- Houthi blockade threats put Saudi Arabia’s Red Sea export route at risk, removing a key oil supply backup.
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Brent is pressing $96 and the supply story behind this rally just got worse. Goldman Sachs says less than half of pre-war Gulf crude flows are making it through Hormuz. Saudi Arabia’s backup route through the Red Sea is now under Houthi blockade. Diesel is tightening on top of all of it as Russian refinery damage chokes off fuel supply. The only bear case left is a ceasefire that neither side has accepted.