Goldman Sachs Sees Brent Crude Prices Soar to $120 Amid Escalating Middle East Tensions
Goldman Sachs warned investors that Brent crude prices could surge to $120 per barrel if attacks on ships in the Middle East escalate further. The bank issued this warning on September 7, as tensions between the United States and Iran over the Strait of Hormuz remain high.
The US Navy has continued to blockade Iranian ports while escorting vessels from other oil-producing nations out of the affected waters. Daan Struyven, co-head of global commodities research at Goldman Sachs, noted that events over the past few days show the risk of shipping disruptions widening and worsening further cannot be ignored.
Brent crude was last trading near $97 per barrel on September 7, with prices rising to their highest level since July. Struyven also mentioned that if exports from the region return to normal, Goldman's lower-end forecast for oil prices is $80 per barrel.