Oil Swings as Traders Weigh Slew of Risks From Hormuz to Red Sea

Brent crude traded around $89 a barrel after rallying more than 20% this month, as traders weighed supply risks from multiple conflict zones. Threats include US strikes on Iran and attacks on tankers crossing the Strait of Hormuz, Houthi threats to blockade Saudi maritime traffic in the Red Sea, and disruptions at Kazakhstan's Caspian Pipeline Consortium terminal. Goldman Sachs warned Brent could exceed $120 a barrel by Q4 if Hormuz disruptions persist, though its base case remains $80.