Middle East output remains 10.5 million barrels per day below pre-war levels amid renewed Persian Gulf tensions.
Goldman Sachs has shifted its oil outlook, warning that escalating hostilities in the Persian Gulf could disrupt supply recovery. The bank previously forecast an oil glut but now highlights risks to production restoration in the region.
Middle East oil output is still 10.5 million barrels per day below pre-war levels, despite recent well reopenings. Analysts noted that disruptions in the Strait of Hormuz could further delay the recovery.
The warning follows recent attacks on tankers, raising concerns over extended supply constraints in a key global oil transit route.