Oil Prices May Hit $120 as Americans Face $100B Fuel Shock
Goldman Sachs raised its Brent forecast by $5 to $85 and warned prices could reach $120 if Gulf supply disruptions continue.
- On Tuesday, oil prices climbed toward $100 a barrel as attacks on Middle Eastern energy infrastructure intensified global supply concerns, with Brent crude futures briefly crossing $99 and WTI topping $92 per barrel.
- The immediate catalyst was a wave of Houthi attacks on southern Saudi Arabia that injured 73 people, while the U.S.-Iran conflict entered its sixth month following recent naval strikes.
- Goldman warned that Brent could reach $120 if Gulf production remains constrained, and for consumers, the pressure is visible at the pump with the national average gasoline price reaching $4.15 a gallon on Tuesday, according to AAA.
- Iran said on Monday that an agreement with Oman to establish a temporary safe shipping route through Hormuz was close, though the arrangement would exclude the United States.
- Supplies from China and OECD commercial oil inventories have helped prevent a more dramatic price surge, though Goldman forecasts Brent at $80 in 2027 with downside scenarios remaining severe.
32 Articles
32 Articles
Oil prices showed a small correction on Thursday morning, but the price of Brent crude oil remained above $ 100 per barrel after the US military destroyed five Iranian tankers. According to an expert at Goldman Sachs, the chance of oil prices rising above $ 120 is increasing if attacks on commercial shipping continue to increase. We will also cover similar topics at our Portfolio Investment Day conference on October 21. One of the biggest invest…
Morning Business Report: Oil prices could reach $120 as U.S.-Iran war escalates
(LILAMAX)- The war between the United States and Iran has escalated, with U.S. forces targeting Iranian oil tankers, including a vessel near Kharg Island, home to Iran’s main crude export terminal. The escalating conflict is raising concerns about global energy supplies and the possibility of another significant jump in oil prices.Goldman Sachs says oil could climb as high as $120...
A significant decline in the stock market is likely, as crude oil prices could once again surpass $120, Goldman Sachs has predicted. If this actually happens, the potential for a significant decline will increase.
After the new attacks by the United States and Iran, oil prices have risen again. The price of a barrel of Brent oil rose above $100 this morning. This is the first time since July. A barrel of Brent oil is now almost 60 percent more expensive than at the beginning of this year. Due to the attacks between the United States and Iran, there is unrest in the oil market. The ongoing violence increases concerns about possible disruptions to oil expor…
Goldman Sachs: Brent at $120 is now ‘plausible’
Goldman Sachs’ Daan Struyven says continued Persian Gulf oil exports remain his base case, but $120 Brent is now plausible if attacks on energy infrastructure and tankers intensify, causing exports to stagnate.
(New York = Yonhap News) Correspondent Lim Soo-jung = As tensions in the Strait of Hormuz were compounded by attacks on energy facilities on Saudi Arabia's western Red Sea coast, international oil prices on the 8th (...
Coverage Details
Bias Distribution
- 55% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
