Goldman Sachs flags oil-price and economy downside risk
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Flows of LNG and refined fuels through the Strait remain below crude. Goldman expects bigger price upside for European natural gas and deferred oil products in disruption scenarios, noting crude can use workarounds that refined products cannot. A crude pullback from $120 to $89 could have broader economic consequences, with Fed data linking energy prices to higher inflation and modeling showing an oil shock could cut 2026 growth.