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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Goldman Sachs also predicts that the brent can reach $80 per barrel if exports in the region return to normal.
Oil prices may reach $120 with escalation in the waters of the Middle East, Bloomberg reports, citing analysts at Goldman Sachs bank
Oil prices may reach $120 with an escalation in the waters of the Middle East, Bloomberg reports, citing analysts at Goldman Sachs bank.On September 1, Trump announced that the US Armed Forces had attacked Iranian facilities in response to...
Brent has risen almost 8% in a week, while ship traffic in the Straits has fallen to its lowest levels since May.
The oil price has risen sharply again. Due to new attacks by the United States and Iran, hardly any ships passed through the Strait of Hormuz this weekend. As a result, the price at the pump is also rising. The recommended price for a liter of gasoline is now above 2.71 euros. Last week, the record price for May was already surpassed. Prices are expected to rise even further. If the attacks continue and problems for shipping increase, the price…
Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise
Oil prices could surge to as much as $120 per barrel if attacks on shipping in the Middle East intensify, according to Goldman Sachs. “Events over the last few days do suggest that the risk of shipping disruptions broadening and intensifying is an important one,” Daan Struyven, co-head of global commodities research at Goldman Sachs, told Bloomberg TV in an interview on Monday. Oil prices have rallied in recent days amid the re-escalation of hos…
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