Goldman Sachs Group Inc. has raised its oil price forecasts, predicting Brent crude will average $90 per barrel in the fourth quarter of 2023, up from a previous estimate of $80. This adjustment is attributed to severe inventory draws resulting from the prolonged closure of the Strait of Hormuz, which has caused 14.5 million barrels per day in Persian Gulf crude production losses. Analysts Daan Struyven and Yulia Zhestkova Grigsby noted that global oil inventories are experiencing a record draw of 11 to 12 million barrels per day in April. The ongoing conflict in the region has severely disrupted oil supply, leading to a 50% increase in Brent prices since late February. The bank anticipates a deficit of 9.6 million barrels per day this quarter, contrasting with last year's surplus. Futures for Brent crude are currently trading just below $108 per barrel, marking a potential sixth consecutive daily gain.