Goldman Sachs warned that foreign exchange markets have not yet fully absorbed the lasting impact of rising energy prices, even if the conflict between the United States and Iran ends soon.

The bank indicated that the recent surge in energy prices is not merely a temporary spike, but rather a genuine disruption that could have a long-term impact on markets, including the foreign exchange market.

The US bank raised its TTF gas price forecast for April to €55 per megawatt-hour, up from its previous forecast of €36, due to the threat to Qatari liquefied natural gas production. It also predicted that Brent crude would remain in the $100-$110 per barrel range if the disruption to the Strait of Hormuz continues.

Goldman Sachs cautioned that risk appetite in the foreign exchange market may currently be excessive, emphasizing that the impact of rising energy prices on financial markets will be long-lasting, even if the conflict in the Middle East ends soon, and that short-term investment strategies have not yet reflected these fundamental changes.