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Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise
Goldman Sachs said crude could reach $120 a barrel if Middle East shipping attacks widen, while recommending natural gas and diesel bets.
- Goldman Sachs warned on Monday that oil prices could rally to $120 a barrel if Middle East shipping attacks intensify, though prices may fall to $80 if regional exports normalize.
- Hostilities escalated recently after the IRGC targeted two warships with ballistic missiles, prompting strikes on Iranian oil tankers in retaliation. This conflict has heightened concerns of prolonged supply disruptions.
- Early on Monday, Brent Crude traded at over $97 per barrel while WTI Crude rose above $92, nearing the $100 threshold. Prices rallied amid the re-escalation of hostilities.
- Iranian parliament speaker Mohammad Bagher Qalibaf warned future retaliations will be "faster, heavier and more painful," while Mohsen Rezaei, head of the Supreme National Security Council, announced a new "exclusion zone" in the Persian Gulf.
- Goldman sees "meaningful upside to crude oil prices," though Struyven advised investors to prioritize natural gas and diesel. The bank noted that in fuel sectors, "the supply shocks are bigger than in the crude market.
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After further attacks and hostilities between the United States and Iran, markets are preparing for further increases in crude oil in the coming months
·Los Angeles, United States
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Coverage Details
Total News Sources70
Leaning Left4Leaning Right11Center10Last UpdatedBias Distribution44% Right
Bias Distribution
- 44% of the sources lean Right
44% Right
L 16%
C 40%
R 44%
Factuality
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