Goldman Sachs predicted that oil prices would rise to $80 per barrel in the fourth quarter of 2021, arguing that the market did not estimate a recovery in demand until the return of Iranian oil.

The American Bank, one of the largest financial institutions in the world, said in a note D: "Therefore, the justification for the rise in oil prices remains the same given the surge in demand with the expansion of the cordons (from Cofid-1999) in the face of inflexible supplies."

The assumption that Iranian exports would return next July did not prevent Brent prices still reaching $80 by the fourth quarter.

Oil prices declined last week after Iranian President Hassan Rouhani said that the United States was ready to lift sanctions on his country's oil, banking and shipping sectors.

But crude has made up for some of those losses, as a potential obstacle has emerged in efforts to revive the 2015 Iranian nuclear agreement, which could add to the supply of oil. Talks between Washington and Tehran are scheduled to resume this week.

Goldman Sachs said that the recovery of demand in the markets of developed countries would be equivalent to the impact of the recent blow to consumption caused by the pandemic and the consequent possible slow recovery in South Asia and Latin America.

The Bank predicted that demand would increase 4.6 million barrels per day by the end of the year, noting that most of the increase was likely in the next three months.