Goldman Sachs Says Oil Could Hit $120 If US–Iran Shipping Attacks Intensify
Brent could fall toward $80 if Gulf exports normalize, but further tanker attacks could send prices sharply higher.
TL;DR
- Goldman Sachs forecasts oil prices could reach $120 per barrel.
- The potential price hike is attributed to broadening and intensifying attacks on commercial shipping in the Persian Gulf.
- Escalating U.S.-Iran strikes are keeping crude flows below prewar levels.
- Brent crude rose to $97.17 per barrel, and U.S. West Texas Intermediate gained to $92.27 per barrel on September 7.