Oil prices could climb to $120 a barrel if attacks on commercial shipping in the Persian Gulf broaden and intensify, according to Goldman Sachs, as escalating U.S.–Iran strikes keep crude flows well below prewar levels.
The prospect of $120 crude was outlined by Daan Struyven, co-head of global commodities research at Goldman Sachs, in a Sep. 7 appearance on Bloomberg Television. He said that recent events in the Middle East show that the danger of shipping disruptions “broadening and intensifying” has become significant.
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