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Oil Prices May Hit $120 as Americans Face $100B Fuel Shock
Goldman Sachs raised its Brent forecast by $5 to $85 and warned prices could reach $120 if Gulf supply disruptions continue.
- On Tuesday, oil prices climbed toward $100 a barrel as attacks on Middle Eastern energy infrastructure intensified global supply concerns, with Brent crude futures briefly crossing $99 and WTI topping $92 per barrel.
- The immediate catalyst was a wave of Houthi attacks on southern Saudi Arabia that injured 73 people, while the U.S.-Iran conflict entered its sixth month following recent naval strikes.
- Goldman warned that Brent could reach $120 if Gulf production remains constrained, and for consumers, the pressure is visible at the pump with the national average gasoline price reaching $4.15 a gallon on Tuesday, according to AAA.
- Iran said on Monday that an agreement with Oman to establish a temporary safe shipping route through Hormuz was close, though the arrangement would exclude the United States.
- Supplies from China and OECD commercial oil inventories have helped prevent a more dramatic price surge, though Goldman forecasts Brent at $80 in 2027 with downside scenarios remaining severe.
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(New York = Yonhap News) Correspondent Lim Soo-jung = As tensions in the Strait of Hormuz were compounded by attacks on energy facilities on Saudi Arabia's western Red Sea coast, international oil prices on the 8th (...
·Seoul, Korea (the Republic of)
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theeconomiccollapseblog.comGoldman Sachs Warns Oil Could Soon Rise Above $120 A Barrel And The Price Of Diesel Just Set Another Record As World War 3 Continues To Escalate
The global energy supply crunch is only going to get worse as long as the conflicts in the Middle East and Eastern Europe are raging. A lot less oil is getting through the Strait of
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Total News Sources18
Leaning Left0Leaning Right4Center2Last UpdatedBias Distribution67% Right
Bias Distribution
- 67% of the sources lean Right
67% Right
C 33%
R 67%
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