Goldman Sachs’ big warning! Oil prices could soar to $120 if attacks on shipping continue in Hormuz Strait

Goldman Sachs warned that oil prices could surge to $120 a barrel if shipping disruptions in the Strait of Hormuz continue, following escalating US-Iran military exchanges. Brent crude rose 1.25 percent to $98.30 and WTI gained 2.30 percent to $93.63 as Iran threatened retaliation against further US attacks. JPMorgan estimates every additional month of disruption could add around $7-8 per barrel to Brent prices, potentially pushing averages to $114 if disruptions last three months.