Goldman Sachs Warns of Oil Price Surge to $120 Amid Mideast Tensions
According to the International Desk of Webangah News Agency, American bank Goldman Sachs has cautioned that oil prices may surge to $120 per barrel in response to an increase in attacks targeting vessels in the Middle East. The bank’s analysis indicates that recent developments highlight the significant risk of widening tensions impacting shipping routes, which must be carefully considered.
The report further suggests that supply shocks in the markets for natural gas and refined petroleum products, such as diesel fuel, will be more severe than those affecting the crude oil market. Consequently, these specific markets are deemed more suitable for hedging against geopolitical risks.
This forecast follows reports from Bloomberg earlier, which indicated that oil prices had already reached $97 per barrel due to heightened tensions in the Middle East, particularly around the Strait of Hormuz.
