Oil may reach 120 dollars amid $100 billion fuel impact

Goldman Sachs warns that ongoing conflicts in the Middle East, including U.S.-Iran tensions and attacks on oil infrastructure, may cause global oil prices to rise above $120 per barrel. Oil prices have increased significantly amid fears of disruptions to supply routes like the Strait of Hormuz, with Brent crude nearing $100. Higher fuel costs are contributing to a $100 billion increase in U.S. fuel expenditures, impacting consumer budgets and driving inflation above the Federal Reserve’s target. Goldman’s base forecast suggests prices could moderate to around $85 per barrel by year’s end, but risks of further escalation remain, with market probabilities of sustained high prices increasing.

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