Sustained gains in oil prices will likely benefit two of China’s petroleum giants, Goldman Sachs analysts said, following rising Middle East tensions. The Iran war has effectively halted shipping through the Strait of Hormuz over the past week. Typically, about 20% of global petroleum liquids flow through strait, primarily sending crude to Asian countries. The constraints and supply uncertainty sent futures for Brent crude soaring 28% last week , its biggest weekly gain since April 2020. U.S. crude notched its biggest weekly gain in the history of the futures contract, dating back to 1983. Brent , which settled Friday at $92.69 a barrel, could rise to $100 a barrel if flows through the Strait of Hormuz drop by 50% one month, and remain…
