Oil Prices Soar Amid Gulf Tensions and Houthi Attacks

Oil prices have surged due to rising tensions in the Gulf region and Houthi attacks on Saudi Arabia. The price of WTI crude oil rose by over 3% to $94.2 per barrel on September 8.

The situation escalated when Iran introduced 'restricted zones' and new shipping lane maps, while the US threatened to destroy Iranian oil tankers. This has led to a repricing of structural risks on the supply side, affecting global energy chokepoints.

According to Goldman Sachs, if attacks on Middle Eastern shipping escalate further, oil prices could surge to $120 per barrel. They also raised their December 2026 forecast for Brent crude by $5 to $85 per barrel and for WTI to $80 per barrel, citing the possibility that shipping disruptions could persist until 2027.