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Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise
Crude Oil Prices Today | OilPrice.com • • general
Key Points:
- Goldman Sachs warns that oil prices could surge to $120 per barrel if attacks on Middle Eastern shipping escalate, citing increased risks of shipping disruptions.
- Recent hostilities intensified after the U.S. struck three Iranian oil tankers in retaliation for Iranian missile attacks on U.S. warships, leading to heightened tensions and threats of faster and heavier Iranian reprisals.
- Iran announced plans to establish a new exclusion zone extending from the U.S. naval blockade line through the Strait of Hormuz and the Persian Gulf, threatening sanctions on any ships entering the area.
- Brent Crude prices rose above $97 per barrel and WTI Crude surpassed $92 amid the escalating conflict, nearing the highest levels since mid-July.
- Goldman Sachs also highlights significant supply shocks in natural gas and refined products markets, suggesting stronger price rises there compared to crude oil.
