"Wall Street" Brent crude prices are expected to range between $70 and $85 per barrel this year

The Wall Street Bank expected that Brent crude prices would range between $70 and $85 per barrel during the current year.

The bank indicated – in a statement today, Wednesday – that there is no doubt that there will be changes. Big in US energy policy with US President-elect Donald Trump’s strong support for fossil fuels; To contribute to "energy independence" In the United States.

He stressed that it is difficult to predict the foreign policy pursued by President-elect Trump, but it is certain that this will have an impact on the global economy and the oil market. Due to trade policies in the short and medium term and additional sanctions that may lead to restricting Iran’s supplies.

In turn.. the “Oil Price” platform stated: Wall Street confirmed that the loss of some Russian supplies may lead to reducing the currently expected surplus in the oil market or even eliminating it completely. 

For its part, Goldman Sachs considered imposing strict sanctions… on Iran; It may raise the price of Brent crude to about $90 per barrel.

He pointed out that the imposition of new sanctions on Russian oil exports indicates that geopolitical factors will continue to play a major role in oil price movements and market balances this year.

Oil Price noted: But the price rise – which has pushed oil to its highest levels in four months – may be just a reactionary reaction until tanker supply chains adapt to the latest sanctions move. However, market participants cannot ignore these geopolitical forces.

Speculators are awaiting the next wave of geopolitical decisions that will be taken by the Trump administration during the coming period.  

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