Middle East Tensions Spark Oil Price Fears

Crude oil prices have been rising due to ongoing tensions in the Middle East. According to Goldman Sachs, if attacks on shipping in the region continue, crude oil could surge to $120 per barrel.

The Brent crude price has climbed above $97 per barrel and is likely to surpass $100 for the first time since July. Traffic through the Strait of Hormuz has decreased significantly, with vessels transiting at its lowest level since May.

Tehran has announced plans to establish a new exclusion zone outside the waterway, which could lead to sanctions on ships attempting to enter. The recent escalation in military exchanges between the US and Iran has further increased tensions.