Commodities
Middle East Tensions Send Brent Crude Prices Soaring towards $120
Renewed military tensions in the Middle East have sent crude oil prices soaring. Goldman Sachs has warned that Brent crude could reach $120 per barrel if attacks on shipping in the region continue.
Traffic through the Strait of Hormuz, a key waterway for global oil shipments, has plummeted to its lowest level since May following recent exchanges between the US and Iran.
The Strait is a crucial chokepoint for global energy supplies. Tehran's announcement that it will establish an exclusion zone outside the waterway threatens to further disrupt shipping.