Oil Prices today: Goldman Sachs has raised its oil price forecasts for the fourth quarter ‌to $90 a ⁠barrel for ⁠Brent crude and $83 for U.S. West Texas Intermediate (WTI), on lower output from the Middle East.

“The ⁠economic risks ‌are ​larger ​than our ⁠crude base case alone suggests because ​of the net ​upside risks to oil prices, unusually high refined product prices, ‌products shortages risks, and the unprecedented ​scale ​of ⁠the shock,” GS analysts led by Daan Struyven said ​in an April 16 note.

Oil prices extended gains on Monday, rising nearly 2 per cent as peace talks between the U.S. and Iran stalled while shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.

Brent crude futures rose $2.16, or 2.05 per cent, to $107.49 a barrel, the highest since ‌April 7, ⁠and U.S. ⁠West Texas Intermediate was at $96.17 a barrel, up $1.77, or 1.88 per cent. Last week, Brent ​and WTI gained nearly 17 per cent and 13 per cent, respectively, the biggest weekly gains since ​the start of the war.

Hopes of reviving peace efforts receded during the weekend when U.S. President Donald Trump scrapped a planned trip ​to Islamabad by his envoys Steve Witkoff ⁠and Jared ‌Kushner, even as Iranian Foreign Minister Abbas Araqchi arrived ​In Pakistan.

“This ​move puts the ball squarely back in Iran’s ⁠court, and the clock is now ticking loudly,” IG ​market analyst Tony Sycamore said in a note, ​adding that Tehran may be forced to shut production at its aging oil fields when it runs out of storage capacity.

Tehran has largely closed the strait while Washington has imposed a blockade of Iran’s ports. Traffic through the Strait of Hormuz remained ‌limited, with just one oil products tanker entering the Gulf on Sunday, shipping data from Kpler showed.