Oil prices achieve the largest weekly gain in decades, Goldman Sachs predicts oil prices could surpass $100 next week.

The Middle East conflict continues to escalate, with commercial transportation through the Strait of Hormuz nearly coming to a halt. International oil prices surged significantly this week, marking the largest single-week increase in decades. Goldman Sachs, a Wall Street investment bank, stated in its latest report that if there is no sign of the flow through the Strait of Hormuz returning to normal in the next few days, they will immediately revise their oil price forecasts. Goldman Sachs reported that the upside risk to oil prices is rapidly increasing, and if there are no solutions in sight this week, oil prices could likely exceed $100 next week. If the flow through the Strait of Hormuz remains low throughout March, oil prices could surpass the historical peak levels of 2008 and 2022. International oil prices reached a historical peak of $147 per barrel in 2008.