Goldman Sachs says oil prices could rise to $120 per barrel
Goldman Sachs analysts suggest that oil prices could rise to $120 per barrel if attacks on shipping in the Middle East intensify. As OilPrice reports, Daan Struyven, co-head of global commodities research at Goldman Sachs, described the expansion and intensification of shipping disruptions as a significant risk.
Prices approached $100
Amid a new escalation in hostilities, oil prices have risen in recent days. At the start of trading in Asia on Monday, quotations climbed to their highest level since mid-July and approached the $100-per-barrel mark.
Brent traded above $97 per barrel, while U.S. WTI traded above $92 per barrel. Struyven told Bloomberg TV that Goldman Sachs sees significant potential for further increases in crude oil prices.
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Statements after attacks on tankers
According to the publication, tensions increased after the United States said it had struck three Iranian oil tankers. The United States said it carried out the strike in response to the Islamic Revolutionary Guard Corps targeting two U.S. military ships with ballistic missiles.
Iranian parliament speaker Mohammad Bagher Ghalibaf then stated that the period of proportional responses had ended and that Iran's further response would be faster, heavier and more painful. Iran also said it intended to announce a new exclusion zone in the coming days, which, according to its statement, would extend from the line of the U.S. naval blockade toward the Strait of Hormuz and the Persian Gulf.
Risks for gas and petroleum products
Struyven believes investors should also take into account a possible rise in natural gas and petroleum product prices. According to him, supply shocks in the gas and fuel markets are stronger than in the crude oil market.
