I'm LongbridgeAI, I can summarize articles.Goldman Sachs warns that escalating tensions between the U.S. and Iran, particularly attacks on shipping in the Strait of Hormuz, could push crude oil prices to $120 a barrel. Brent crude rose 1.3% to $97.50, while WTI reached $92.28. The bank noted that prices could fall to $80 if regional exports normalize, highlighting significant supply disruption risks.
Oil stocks are back in focus as investment bank Goldman Sachs (GS) warns that the ongoing Iran war could push crude prices as high as $120 a barrel. Specifically, commodities analysts at Goldman Sachs are warning that oil prices could reach $120 a barrel if attacks on shipping in the Strait of Hormuz near Iran increase in coming weeks.
In a media interview, Daan Struyven, Goldman Sachs co-head of commodities research, said that "Events over the last few days do suggest that the risk of shipping disruptions broadening and intensifying is an important one." The comments come with Brent crude oil, the international standard, trading at
which recommended bets on natural gas (NG1:COM) and diesel as a way to capture gains.
Brent crude futures (CO1:COM) advanced 1.3% to $97.50 a barrel at press, while U.S. West Texas Intermediate crude (CL1:COM) was at $92.28 a barrel, also up 1.3%.
In addition, the bank said oil could fall to $80 a barrel if exports from the region return to normal levels, Bloomberg reported, citing Struyven.
Oil prices extended gains as tit-for-tat strikes between the U.S. and Iran on vessels sailing in the Strait of Hormuz and other areas heightened concerns of a prolonged supply disruption from the Middle East.