Goldman Sachs warns of potential $120 oil risks

Goldman Sachs Bank expects oil prices to rise to around $120 per barrel if attacks on shipping in the Middle East increase, warning that shipping disruptions and escalating tensions could lead to this rise. The price of crude has climbed to its highest level since July amid ongoing deadlock between the U.S. and Iran over the Strait of Hormuz, where the U.S. has targeted Iranian tankers and Iran plans to establish a new restricted zone, while U.S. sanctions on ports remain in place. The bank noted that oil exports from the Gulf have recovered to about two-thirds of pre-war levels, despite a decline in oil products and natural gas prices. It advises investors to hedge by taking long positions in natural gas and refined products, expecting geopolitical tensions to persist and continue impacting the market.

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