Oil Price Today (July 23): Crude oil crosses $95 as US strikes enter 12th day. Why Goldman says $120 is possible?

Crude oil prices surged on July 23, with Brent crude rising 2 percent to 96 dollars a barrel, its highest level since June 8, while WTI gained 1.7 percent to 88.27 dollars. The rally comes amid US military strikes on Iran entering their 12th day, an explosion on an oil tanker near the Strait of Hormuz, and Houthi threats against Saudi tankers in the Red Sea. Goldman Sachs warned Brent could climb to 120 dollars a barrel if Hormuz disruptions persist, though its base case is 80 dollars in Q4 and 75 dollars in 2026, with risks tilted to the upside.