$120 crude scare back & India has plenty at stake
Goldman Sachs warned that Brent crude oil prices could exceed $120 a barrel by Q4 2023 due to ongoing tensions in the Middle East and reduced oil flows from the Persian Gulf. The investment bank noted that current geopolitical conflicts have already pushed prices higher, with Brent futures recently reaching approximately $126. This situation poses significant inflation and import pressure risks for India, which relies heavily on oil imports.