Goldman Sachs Sees $120 Oil as US-Iran Conflict Threatens Global Supplies

Goldman Sachs is warning of a possible oil price surge to $120 per barrel if the US-Iran conflict escalates and disrupts shipping through the Strait of Hormuz.

The bank's commodities research team, led by Daan Struyven, believes that the ongoing tensions in the region could lead to a major supply shock for the global oil market.

Recent events have already seen Brent crude prices rise to their highest level since July, trading near $97 per barrel. The Strait of Hormuz is crucial for global energy supplies, with about one-fifth of the world's oil passing through it.

Governments and markets are closely watching the situation, with analysts expecting the standoff between the US and Iran to continue for some time.