Goldman Sees Quick Gulf Supply Rebound Despite Iran Hormuz Tightening; WTI Holds $96.80

WTI crude holds steady at $96.80 amid Iran tightening Strait of Hormuz control after seizing vessels and U.S. pausing attacks, with Brent above $106/bbl on 13M bpd supply fears and Gulf output down 6%. Prices plunged 16% to $80.56 lows on April 17 after brief reopening under ceasefire, but rebounded 7% to $90+ by April 19 on re-closure, U.S. ship seizures, and fragile truce (2/3 hold odds per Eurasia). Goldman Sachs forecasts most of 14.5M bpd offline Gulf supply rebounding swiftly if strait reopens, though tanker shortages and volatility persist.