Warning crude oil could reach $120 per barrel if Middle East tensions do not ease

Jump to contentAllNewsSportCultureLifestyleVessels transit the Hormuz Strait off the coast of Iran's southern port city of Bandar Abbas (AFP/Getty)Goldman Sachs has warned that crude oil prices could surge to $120 per barrel if attacks on shipping in the Middle East do not cease. Brent crude has climbed above $97 per barrel and is on track to surpass $100 per barrel for the first time since July. Traffic through the Strait of Hormuz has fallen to its lowest level since May following renewed military exchanges between the United States and Iran. Tehran has announced plans to establish a new exclusion zone outside the waterway, threatening to sanction ships attempting to enter. Recent escalations over the weekend saw US strikes on three Iranian oil tankers after Iran launched ballistic missiles at two American naval vessels. In fullGoldman Sachs warns oil could surge to $120 a barrel if attacks on Hormuz continueMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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