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● TRACKER Updated 2d ago · 44 sources tracked

Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise

Brent crude oil prices reached $110 per barrel for the first time since May, driven by ongoing attacks from Iran and threats to Russian energy infrastructure. Goldman Sachs warns that geopolitical tensions and extreme weather could push Brent to $140 by 2027. Current market pressure is intensified by shipping costs in the Strait of Hormuz, which have risen to nearly seven times last year's levels. These soaring freight rates threaten to reduce profit margins for Asian refiners and increase global fuel prices for consumers.

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  • ✓ Brent crude futures recently reached $110.58 per barrel.
  • ✓ Brent crude oil prices hit $110 for the first time since May.
  • ✓ Goldman Sachs reports that global crude oil shipping costs are significantly higher than they were a year ago.
  • ✓ Brent crude gained 6.01 per cent over the past week.
🛡️ Source Corroboration: 44 independent reporting domains (85% confidence) ⏱ Read time: ~2 min

What changed

Brent crude prices surpassed $110 per barrel and Goldman Sachs extended its price warnings to a potential $140 target by 2027.

Live updates

  1. Brent Crude Hits $110 as Goldman Sachs Warns of Long-Term Price Spikes

    Brent crude oil prices reached $110 per barrel for the first time since May, driven by ongoing attacks from Iran and threats to Russian energy infrastructure. Goldman Sachs warns that geopolitical tensions and extreme weather could push Brent to $140 by 2027. Current market pressure is intensified by shipping costs in the Strait of Hormuz, which have risen to nearly seven times last year's levels. These soaring freight rates threaten to reduce profit margins for Asian refiners and increase global fuel prices for consumers.

    Why it matters

    The Strait of Hormuz remains a critical chokepoint for global energy shipments. Heightened naval hostilities and ship-to-ship transfers have disrupted standard logistics, forcing a repricing of oil assets. Political uncertainty surrounding U.S. midterm elections is also contributing to market volatility.

    What is confirmed

    • Brent crude futures recently reached $110.58 per barrel.
    • Brent crude oil prices hit $110 for the first time since May.
    • Goldman Sachs reports that global crude oil shipping costs are significantly higher than they were a year ago.
    • Brent crude gained 6.01 per cent over the past week.

    Still unconfirmed

    • Brent could exceed $120 per barrel if Middle East output remains below pre-war levels.

    What to watch next

    • Changes in Middle East crude output levels compared to pre-war benchmarks
    • Updates on Russian energy infrastructure attacks by Ukraine
    • Official freight rate data for Asian refinery shipments
    Sources used for this update (7)
    1. economictimes.indiatimes.com — Brent crude oil prices hit $110 for first time since May as ...
    2. economictimes.indiatimes.com — Zomato News: Zomato latest news and recent zomato updates | The Economic Times
    3. finance.yahoo.com — Goldman Sachs Warns of New Oil Price Shock as Tanker Rates Soar
    4. www.zeebiz.com — Brent Crude Gains 6% in a Week: Could crude oil prices hit ...
    5. energy.economictimes.indiatimes.com — Brent could hit $140 in 2027 on Gulf supply risks, extreme ...
    6. hyperdash.com — Oil Prices Reflect War Escalation Risks, Goldman Sachs Notes
    7. economictimes.indiatimes.com — GOLDMAN SACHS ASSET MANAGEMENT ADVERSE MEDIA
    confidence 85%

  2. Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise

    Global oil markets experience severe volatility as military escalations and maritime attacks threaten vital crude export routes in the Middle East. Goldman Sachs raised its December oil price target to $90, citing significant risk from the Iran war, low stocks, and high interest rate sensitivity, while warning that prices could climb to $120. Brent crude futures recently traded around $108.06 a barrel, with West Texas Intermediate near $100.88. Disruption in the Strait of Hormuz intensifies as naval mines and vessel strikes disrupt global energy shipments and drive up shipping security concerns.

    Why it matters

    The Strait of Hormuz serves as a critical choke point for international crude supplies, making maritime transit security essential for global price stability. Ongoing conflicts involving Iran, regional actors, and Houthi forces have directly impacted oil throughput and triggered aggressive responses from traders reacting to supply risks. Financial institutions and energy analysts are closely monitoring these disruptions alongside broader economic indicators, including US crude stock levels and international efforts to stabilize surging energy costs.

    What is confirmed

    • Goldman Sachs raised its December oil price target to $90, citing significant risk from the Iran war.
    • Brent crude futures declined to $108.06 a barrel and US West Texas Intermediate crude fell to $100.88 a barrel.
    • Two supertankers struck mines in mandatory shipping lanes in the Strait of Hormuz, bringing the week's tanker toll to four.

    Still unconfirmed

    • Iran is escalating attacks on shipping in the Strait of Hormuz to keep oil high before the US midterms.
    • Aramco experienced fires at Shedgum and Tanajib following Houthi claims.

    What to watch next

    • Developments regarding US discussions to relax restrictions on tankers
    • Official confirmation or denial from Aramco regarding alleged fires at Shedgum and Tanajib
    • Updates on the release of diesel into the market by the International Energy Agency
    Sources used for this update (12)
    1. economictimes.indiatimes.com — oil supply disruptions: Latest News & Videos, Photos about oil supply ...
    2. www.channelnewsasia.com — NATO general sets out tough military response to any 'foolish' Russian attack - CNA
    3. houseofsaud.com — Abqaiq Got a Timeline — Shedgum Got Silence
    4. finance.yahoo.com — Goldman Sachs raises December oil price target to $90, citing ...
    5. economictimes.indiatimes.com — oil supply risk: Latest News & Videos, Photos about oil ...
    6. finance.yahoo.com — Inflation likely worsened in September, according to Goldman ...
    7. en.coinotag.com — WTI Crude Oil Nears $94 as Iran Hits Five Ships in Hormuz ...
    8. www.techtimes.com — Mines in Hormuz Mandatory Traffic Lanes Drove 86% Oil Throughput Collapse - Tech Times
    9. economictimes.indiatimes.com — goldman sachs brent oil forecast: Latest News & Videos ...
    10. en.parapolitika.gr — Goldman Sachs warns of gas price surge — TTF could hit €100
    11. finance.biggo.com — Iran Warns of Retaliation That "No Longer Follows the Rules ...
    12. economictimes.indiatimes.com — oil price increase: Latest News & Videos, Photos about oil ...
    confidence 90%

  3. Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise

    Brent crude futures rose to $107.35 a barrel and US West Texas Intermediate crude futures gained to $95.38. Ongoing regional security escalations and threats to maritime shipping lanes restrict international crude supplies, driving price pressure. The conflict in Iran has closed the Strait of Hormuz, impacting global oil shipments and market dynamics.

    Why it matters

    The situation is affecting global oil supplies and driving up prices due to heightened risks, delays in transit times, and increased tanker requirements. The logistics premium is affecting shipping costs and insurance, leading to diesel shortages and rising prices.

    What is confirmed

    • Brent crude futures rose $1.40, or 1.35%, to $107.35 a barrel.
    • US West Texas Intermediate crude futures gained $1.24, or 1.32%, to $95.38.
    • The conflict in Iran has closed the Strait of Hormuz, severely impacting global oil shipments and market dynamics.

    Still unconfirmed

    • Iran might be supporting Houthi rebels' actions.

    What to watch next

    • US elections
    • further attacks on Saudi Arabia
    • developments at the Strait of Hormuz
    Sources used for this update (2)
    1. economictimes.indiatimes.com — global oil supply disruption: Latest News & Videos, Photos ...
    2. www.voiceofemirates.com — The Cost of Red Sea Escalation: Rising Oil Tanker Insurance ...
    confidence 90%

  4. Oil Prices Target $120 Amid Middle East Shipping Risks

    Crude oil benchmarks target $120 per barrel as persistent supply risks and Middle East tanker attacks disrupt critical trade routes. Brent crude maintains its position above $100, while bullish technical patterns point toward $104 for West Texas Intermediate and a range of $113 to $120 for Brent. This price pressure stems from ongoing regional security escalations and threats to maritime shipping lanes that restrict the flow of international crude supplies.

    Why it matters

    Global crude markets face severe logistical strain as shipping vulnerabilities in the Middle East force a reevaluation of trade routes. Tanker shipping costs previously surged to $1.3 million daily amid escalating disruptions around the Strait of Hormuz. Although prices temporarily dipped when President Donald Trump ruled out pre-midterm military strikes against Iran, underlying physical supply tightness continues to drive upward market momentum.

    What is confirmed

    • Brent crude holds above $100 per barrel.
    • Bullish breakouts point toward $104 for WTI and $113-$120 for Brent.

    Still unconfirmed

    • COMEX warehouse operations saw 19.457 million ounces added and 23.502 million troy ounces shipped out during September.

    What to watch next

    • Movement of WTI toward the $104 price target
    • Progression of Brent crude toward the $113-$120 range
    • Further developments in US-Iran tanker security and shipping disruptions
    Sources used for this update (2)
    1. silverseek.com — The COMEX Silver Drain Continues | SilverSeek
    2. www.fxempire.com — Oil Price Forecast: WTI and Brent Target $120 as Supply Risks ...
    confidence 100%

  5. Crude Dips to $103 as Trump Rules Out Pre-Election Iran Attack

    Crude oil dipped 1% to $103 as President Donald Trump ruled out a military attack against Iran prior to the midterm elections. The price adjustment follows an earlier 2% jump to $102 driven by rising attacks on ships in the Middle East. Meanwhile, tanker shipping costs skyrocketed 43-fold to reach $1.3 million per day as tensions around the Strait of Hormuz disrupt international oil trade and reshape global shipping routes. Physical markets face continued pressure from tightening supplies and escalating regional security risks.

    Why it matters

    Escalating security threats in the Middle East have severely impacted maritime transit, forcing up tanker rates and driving physical oil market tightening. The disruption around strategic shipping lanes alters global trade routes and directly affects energy commodity pricing. Market stability remains tied to geopolitical developments and official military and political stances from Washington.

    What is confirmed

    • Crude oil dipped 1% to $103 as President Donald Trump ruled out an Iran attack before the midterm elections.
    • Crude oil previously jumped 2% to $102 amid rising attacks on ships in the Middle East.
    • Tanker rates hit $1.3 million per day as Hormuz tensions disrupt oil trade.

    What to watch next

    • Developments in tanker shipping costs and transit security through the Strait of Hormuz
    • Official political and military announcements regarding U.S. and Iranian relations ahead of the midterm elections
    Sources used for this update (4)
    1. economictimes.indiatimes.com — Oil Price Today (October 9): Crude oil dips 1% to $103 as Trump rules out Iran attack before midterm elec....
    2. economictimes.indiatimes.com — Oil Price Today (October 8): Crude oil jumps 2% to $102 amid rising attacks on ships in Middle East. What....
    3. economictimes.indiatimes.com — goldman sachs recommendations: Latest News & Videos, Photos ...
    4. gulfnews.com — Tanker Costs Skyrocket 43-Fold Amid Hormuz Tensions ...
    confidence 90%

  6. Dated Brent Surges Past $120 Amid Rising Middle East Shipping Risks

    Physical oil markets are tightening sharply as Dated Brent surges above $120, even as ICE Brent slips toward $101. President Donald Trump warned of a severe response if Iran is implicated in a recent FlyDubai incident involving a co-pilot who attempted to crash a Tel Aviv-bound Boeing 737 MAX 8 carrying roughly 180 people. Investigators are examining potential Iranian motives and links to the hijacking attempt. Meanwhile, approximately 9,000 U.S. troops have deployment orders to the Middle East for military support following the incident.

    Why it matters

    Oil market pressures persist as traders monitor severe shipping vulnerabilities and regional tensions involving Iran. President Trump claimed record volumes of oil are moving out of the Strait of Hormuz, contrasting with reports of severe physical market tightness and surging Dated Brent pricing.

    What is confirmed

    • Physical oil markets tighten sharply as Dated Brent surges above $120 while ICE Brent slips toward $101.
    • U.S. President Donald Trump stated he would respond very hard against Iran if they are implicated in the incident.
    • Approximately 9,000 U.S. troops were sent to the Middle East for military support in response to the incident.
    • The attempted hijacking involved a co-pilot on a Boeing 737 MAX 8 carrying around 180 passengers and crew members bound for Tel Aviv.

    Still unconfirmed

    • Iran may be connected to the co-pilot in the FlyDubai incident where the co-pilot attempted to crash the aircraft during a chaotic descent before being subdued by passengers.

    What to watch next

    • Confirmation of official investigative findings regarding Iranian links to the FlyDubai hijacking attempt
    • Further movement in physical Dated Brent and ICE Brent crude prices
    • Implementation or scaling of the threatened U.S. retaliation against Iran
    Sources used for this update (3)
    1. oilprice.com — Dated Brent Above $120 Signals a Serious Oil Squeeze | OilPrice.com
    2. economictimes.indiatimes.com — iranian retaliation: Latest News & Videos, Photos about ...
    3. sonar21.com — If the Strait of Hormuz Is Gushing, Why Is Trump Raiding Europe’s Diesel Tanks?
    confidence 90%

  7. Goldman Sachs Warns Oil May Reach $120 Amid Rising Shipping Risks

    Crude prices remain high as traders fear potential Iranian strikes against regional pipelines, ports, and oilfields. Allied exports have recovered to roughly eighty percent of prewar levels, while Iranian shipments have dropped to zero due to the ongoing conflict. President Donald Trump turned down an Iranian offer to open the Strait of Hormuz in seven days and stop fighting across the Middle East. Tehran indicated the plan could open wider negotiations over its nuclear capabilities, leaving the country waiting for an American reply.

    Why it matters

    Oil markets face sustained volatility as geopolitical tensions choke Iranian exports and threaten broader regional energy infrastructure. President Trump's rejection of the Strait of Hormuz reopening proposal signals that diplomatic resolution remains distant. Traders continue to price in severe supply disruptions despite partial recoveries in allied export volumes.

    What is confirmed

    • Allied exports have recovered to about 80 percent of prewar levels.
    • Iran's oil exports have fallen to zero amid the ongoing conflict.
    • President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz within seven days and halt fighting across the Middle East.

    Still unconfirmed

    • Goldman Sachs warns oil could hit $120 as shipping risks rise.

    What to watch next

    • United States response to the Iranian proposal.
    • Developments regarding the reopening of the Strait of Hormuz.
    • Further changes in regional oil exports and shipping risk levels.
    Sources used for this update (2)
    1. economictimes.indiatimes.com — Q2 results
    2. www.gulf-times.com — tag - Gulf Times
    confidence 80%

  8. US Gains Upper Hand in Strait of Hormuz as Oil Prices Stay High

    Crude prices stay elevated as traders fear further Iranian attacks on regional ports, pipelines, and oilfields despite allied exports recovering to about 80 percent of prewar levels. Iran's oil exports have fallen to zero amid the ongoing conflict. Meanwhile, President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz within seven days and halt fighting across the Middle East. Tehran stated the proposal could also lead to broader talks regarding its nuclear program, and the country is currently awaiting a response from the United States.

    Why it matters

    The strategic Strait of Hormuz remains a critical choke point for global energy supplies, with military actions directly threatening international crude flows and refined product availability. Diplomatic channels face severe strain as Washington rejects early overtures from Tehran, leaving shipping lanes vulnerable to further escalation. Markets remain sensitive to regional infrastructure assaults, which drive ongoing volatility across global stock exchanges and commodity desks.

    What is confirmed

    • Allied crude exports have recovered to about 80 percent of prewar levels while Iran's own exports have fallen to zero.
    • President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and halt fighting across the Middle East.
    • Iran's proposal claimed the waterway could reopen within seven days and lead to broader talks, including on its nuclear programme.

    Still unconfirmed

    • Traders fear Tehran could escalate the conflict by attacking ports, pipelines or oilfields.

    What to watch next

    • Whether the United States issues a formal counter-proposal to Iran regarding the Strait of Hormuz
    • Any new attacks by Tehran on regional ports, pipelines, or oilfields that could impact crude prices
    Sources used for this update (5)
    1. www.cnbc.com — Crude Oil Prices Today and Oil Market News - CNBC
    2. www.zerohedge.com — US Futures, Treasuries Flat Ahead Of Core PCE, Micron Earnings | ZeroHedge
    3. fortune.com — Yann LeCun: Anthropic CEO Dario Amodei is ‘deluded,’ ‘crazy,’ and doesn’t understand cybersecur....
    4. economictimes.indiatimes.com — gulf infrastructure attacks: Latest News & Videos, Photos ...
    5. markashryock.substack.com — THE HUNGER MACHINE: HOW ONE WAR TURNED THE WORLD’S SUPPLY ...
    confidence 90%

  9. Goldman Sachs Warns Oil Could Hit $120 Amid Middle East Risks

    Crude oil prices rose significantly on Tuesday as assaults on Saudi energy infrastructure intensified. Goldman Sachs suggests oil could hit $120 a barrel if these tensions prolong, while keeping its Brent forecast at $80 in other updates. High oil prices and foreign fund outflows continue to weigh on stock markets, causing the Sensex to fall for a second day. Meanwhile, US and Iranian negotiators in New York are discussing a phased route out of the war involving reopening the Strait of Hormuz and lifting economic blockades.

    Why it matters

    Global markets react directly to physical disruptions in the Middle East, particularly affecting key infrastructure like Saudi Arabia's East-West pipeline. Protracted security risks in vital shipping lanes drive volatility across equities and energy forecasts. Ongoing diplomatic efforts between Washington and Tehran aim to address the shipping blockades and economic sanctions fueling the current supply fears.

    What is confirmed

    • Goldman Sachs suggests oil could hit $120 a barrel if tensions prolong.
    • On Tuesday, oil prices experienced a significant rise as assaults on Saudi energy infrastructure intensified.
    • The key East-West pipeline in the kingdom is currently down, raising alarms over possible supply disruptions.
    • US and Iranian negotiators in New York are discussing a phased route out of the war that would see Tehran reopen the Strait of Hormuz and Washington lift its economic blockade of Iran.
    • Markets fell for the second day as high oil prices and foreign fund outflows weighed on Indian stock markets on September 29, 2026.

    Still unconfirmed

    • Canadian Prime Minister Mark Carney suggested that the possibility of a US military attack is minimal.

    What to watch next

    • Further developments from US and Iranian negotiators in New York regarding the Strait of Hormuz.
    • Updates on the repair and operational status of Saudi Arabia's East-West pipeline.
    • Market reactions to upcoming oil price and production forecasts from major financial institutions.
    Sources used for this update (8)
    1. iranstrikes.com — Oil Price Forecast 2026 — Iran War Predictions
    2. www.thehindubusinessline.com — Sensex today | Stock Market Highlights: Markets fall for 2nd day as high oil prices, foreign fund outflows weigh
    3. www.stockopedia.com — GOLDMAN SACHS GROUP | Goldman Sachs raises oil price ...
    4. thearabianpost.com — Goldman keeps Brent forecast at $80 - Arabian Post
    5. economictimes.indiatimes.com — goldman sachs news: Latest News & Videos, Photos about ...
    6. www.octagonai.co — Diesel prices in Sep 2026 Price Prediction Market Odds | Octagon
    7. oilprice.com — Site Map: News and Articles September 2026 - Page 1
    8. economictimes.indiatimes.com — india military retaliation: Latest News & Videos, Photos ...
    confidence 90%

  10. Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise

    Crude oil prices have eased, with Brent crude below $100 per barrel, amid diminished immediate supply concerns and potential US-Iran talks. However, tensions between Saudi Arabia and Houthi forces remain, with ongoing disruptions in the Strait of Hormuz and attacks on Saudi energy infrastructure. Goldman Sachs previously warned that shipping risks and energy site attacks could drive prices to $120. The current market sentiment suggests a temporary easing of those fears.

    Why it matters

    The oil market is closely watching the situation in the Middle East, where escalating tensions between Saudi Arabia and Houthi forces, as well as the Iran conflict, pose significant supply threats. The Strait of Hormuz, a critical waterway for global oil shipments, has been a focal point of these tensions. Any further disruptions or attacks on energy infrastructure could have substantial impacts on global oil markets.

    What is confirmed

    • Crude oil prices have declined, with Brent crude below $100 per barrel.
    • Tensions between Saudi Arabia and Houthi forces are escalating, posing a supply threat to oil markets.
    • The Strait of Hormuz and Saudi energy infrastructure have been subject to ongoing disruptions and attacks.

    Still unconfirmed

    • Goldman Sachs previously projected prices could reach $120 due to shipping risks and energy site attacks.

    What to watch next

    • US-Iran talks
    • Further Houthi advances or attacks on Saudi energy infrastructure
    • Disruptions in the Strait of Hormuz
    Sources used for this update (3)
    1. www.thehindubusinessline.com — Sensex today | Stock Market Highlights: Sensex falls 330 pts, Nifty closes at 23,329; oil slips to $98.9 ahead of potential US-Iran talks
    2. oilprice.com — Yemen Escalation Raises New Risks for Global Oil Markets
    3. economictimes.indiatimes.com — Oil Price Today (September 21): Crude oil falls for 4th day, below $102. What’s triggering the fall?
    confidence 85%

  11. Oil prices dip as supply fears ease despite Saudi-Houthi escalation

    Crude oil prices have declined as immediate supply concerns diminish, even as tensions between Saudi Arabia and Houthi forces escalate. This shift follows a period of volatility where Brent crude surpassed $100 per barrel. While Goldman Sachs previously projected prices could reach $120 due to shipping risks and energy site attacks, current market sentiment suggests a temporary easing of those fears. The price movement occurs amidst ongoing disruptions in the Strait of Hormuz and attacks on Saudi energy infrastructure.

    Why it matters

    Geopolitical instability in the Middle East remains the primary driver of oil price volatility. Market analysts from Goldman Sachs and HSBC are tracking how shipping risks and energy infrastructure attacks impact global costs. U.S. inventories recently showed a 300,000 barrel decrease for the week ending September 4.

    Still unconfirmed

    • Chevron's CEO made comments at an energy conference that complicate the White House's messaging on oil prices.

    What to watch next

    • Further updates on Saudi-Houthi military escalations
    • New U.S. crude oil inventory reports from the American Petroleum Institute
    • Revised 2026 Brent forecasts from HSBC and Goldman Sachs
    Sources used for this update (2)
    1. www.gdnonline.com — Oil slips despite Saudi-Houthi escalation as supply fears ease
    2. finance.yahoo.com — Chevron CEO sends a strong message on oil price and the economy
    confidence 70%

  12. Goldman Sachs Projects Oil Could Reach $120 Amid Shipping Risks

    Brent crude prices have surpassed $100 per barrel as geopolitical instability in the Middle East drives financial forecasts higher. Goldman Sachs warns prices may hit $120 if attacks on shipping and energy sites intensify. HSBC has adjusted its 2026 Brent forecast to $90 a barrel. These price surges coincide with Houthi attacks on Saudi energy infrastructure and disruptions in the Strait of Hormuz. Meanwhile, the American Petroleum Institute reported a 300,000 barrel decrease in U.S. crude oil inventories for the week ending September 4.

    Why it matters

    Global oil markets are reacting to heightened security threats in critical transit corridors. Sustained instability in the Middle East directly impacts supply chains and price volatility. Monitoring U.S. inventory levels provides a counter-indicator for global supply pressure.

    Still unconfirmed

    • Brent crude prices could hit $120 if attacks on Middle East energy sites and shipping intensify, according to Goldman Sachs.
    • HSBC raised its 2026 Brent forecast to $90 a barrel.
    • U.S. crude oil inventories decreased by 300,000 barrels for the week ending September 4, according to the American Petroleum Institute.

    What to watch next

    • Updates on Houthi activity regarding Saudi energy infrastructure
    • Further revisions to 2026 Brent price forecasts from major financial institutions
    • Next American Petroleum Institute report on U.S. crude inventories
    Sources used for this update (2)
    1. economictimes.indiatimes.com — Coronavirus Impact on Crude Oil Price
    2. money.rediff.com — Read Stories From New+delhi
    confidence 70%

  13. Banks Raise Brent Crude Forecasts Amid Gulf Shipping Disruptions

    Brent crude prices exceeded $100 per barrel as financial institutions increase their price forecasts. Goldman Sachs warns prices could hit $120 if attacks on Middle East energy sites and shipping intensify. HSBC raised its 2026 Brent forecast to $90 a barrel. These adjustments follow persistent shipping disruptions in the Strait of Hormuz and Houthi attacks on Saudi energy infrastructure. Concurrently, the American Petroleum Institute estimated U.S. crude oil inventories decreased by 300,000 barrels for the week ending September 4.

    Why it matters

    The Strait of Hormuz is a critical global energy corridor. Escalated clashes between the U.S. and Iran in this region threaten the stable flow of oil to international markets.

    What is confirmed

    • Brent crude prices surpassed $100 per barrel.
    • Goldman Sachs, Bank of America, Commerzbank, and HSBC raised their Brent crude forecasts due to shipping issues in the Strait of Hormuz.

    Still unconfirmed

    • U.S. crude oil inventories fell 300,000 barrels in the week ending September 4 according to API estimates.
    • HSBC raised its 2026 Brent forecast to $90 a barrel.

    What to watch next

    • Further updates on U.S. and Iranian military activity near the Strait of Hormuz
    • Official U.S. government crude inventory reports
    Sources used for this update (4)
    1. en.protothema.gr — The polls, Samaras, Karamanlis, Salmas and Sofos, Alexis’s rings and safe deposit boxes, the UNESCO dinner and Amal ///
    2. finance.yahoo.com — HSBC Raises 2026 Brent Forecast to $90 as Hormuz Crisis Drags On
    3. oilprice.com — U.S. Crude Stocks Edge Lower as Oil Tops $100
    4. dailyhodl.com — Bank of America, Goldman Sachs, HSBC and More Raising Brent Oil Price Forecasts Amid Persistent Gulf Shipping Disruptions
    confidence 90%

  14. Oil Tops $100 as U.S.-Iran Conflict Intensifies Near Strait of Hormuz

    Brent crude prices surpassed $100 per barrel on Wednesday for the first time since July. Goldman Sachs predicts prices could reach $120 if attacks on Middle East shipping and energy sites intensify. The price surge follows escalated clashes between the U.S. and Iran around the Strait of Hormuz, alongside renewed Houthi attacks on Saudi energy infrastructure. While some reports indicate prices struggled to breach the $100 mark, other sources confirm the threshold was crossed as risks to global energy corridors increase.

    Why it matters

    The Strait of Hormuz is one of the most critical energy corridors in the world. Ongoing military retaliation between the U.S. and Iran threatens to restrict global oil supplies. This instability coincides with separate drone strikes by Ukraine against Russia's Novorossiysk oil port.

    What is confirmed

    • Goldman Sachs warns Brent crude could hit $120 per barrel if shipping attacks intensify.
    • U.S. and Iranian forces are engaged in escalating attacks on tankers and military targets near the Strait of Hormuz.
    • Saudi energy sites have faced renewed attacks from Houthi forces.

    Still unconfirmed

    • Oil prices climbed above $100 a barrel on Wednesday for the first time since July.
    • Ukrainian drones hit Russia's Novorossiysk oil port and naval base, killing four.

    What to watch next

    • Confirmation of whether Brent crude sustains a price above $100 per barrel
    • Updates on the operational status of the Novorossiysk fuel terminal
    • Official U.S. or Iranian statements regarding the scale of the Strait of Hormuz conflict
    Sources used for this update (5)
    1. www.btimesonline.com — Oil Tops $100 as U.S.-Iran Tanker Strikes Escalate, Goldman Warns Brent Could Hit $120
    2. dailyhodl.com — Goldman Sachs Raises Oil Forecasts As Middle East Clashes Push Prices Toward $100
    3. www.41nbc.com — Morning Business Report: Oil prices could reach $120 as U.S.-Iran war escalates
    4. finance.biggo.com — Oil Prices Fail to Breach $100 Despite Escalating US-Iran Conflict as Three Buffers Counter Supply Disruptions
    5. oilprice.com — Ukraine Targets Russia's Key Black Sea Oil Port
    confidence 80%

  15. Goldman Sachs forecasts $120 oil as US-Iran shipping conflict escalates

    Crude oil prices are approaching $100 per barrel following a cycle of retaliation between the United States and Iran. Goldman Sachs warns Brent crude could reach $120 per barrel if attacks on Middle East shipping intensify and disrupt global energy supplies. Recent military action includes U.S. Central Command attacking three Iranian oil tankers. While prices surge, Goldman Sachs maintains a potential downside toward $80 if Gulf exports return to normal. These tensions are already impacting local markets, with petrol prices in Lagos rising to N1,310 per litre.

    Why it matters

    The conflict centers on shipping corridors in the Hormuz region, where Iran plans to control a new corridor with Oman. Supply disruptions in this area threaten the global energy chain due to the high volume of oil passing through the Strait of Hormuz.

    What is confirmed

    • Goldman Sachs forecasts crude oil could hit $120 per barrel due to Middle East shipping risks.
    • Crude oil prices are nearing $100 per barrel.
    • U.S. and Iranian forces have engaged in retaliatory strikes on ships.

    Still unconfirmed

    • Petrol prices in Lagos have risen to N1,310 per litre.
    • U.S. Central Command attacked three Iranian oil tankers.

    What to watch next

    • Confirmation of Iranian response to the tanker attacks
    • Updates on the Oman-Iran shipping corridor agreement
    • Goldman Sachs revisions to the $80 downside forecast
    Sources used for this update (4)
    1. www.investmentnews.com — Goldman's $120 oil scenario puts advisor portfolios on alert
    2. finance.biggo.com — Oil Approaches $100 as U.S.-Iran Retaliation Escalates Supply Fears — Prices Could Hit $120 If Conflict Drags On
    3. www.legit.ng — Goldman Sachs Warns Oil Could Hit $120 as Petrol Prices Rise to N1,310 in Nigeria
    4. yellow.com — Oil Could Reach $120 If Iran Conflict Disrupts Shipping, Goldman Sachs Warns
    confidence 90%

  16. Goldman Sachs Warns Oil Could Reach $120 Amid US-Iran Shipping Strikes

    Oil prices are rising after the United States and Iran traded strikes on ships, sparking fears of supply disruptions. Goldman Sachs warns that Brent crude could hit $120 per barrel if attacks on Middle East shipping intensify, particularly around the Strait of Hormuz. Brent is currently near $97, though Goldman notes a potential downside toward $80 if Gulf exports normalize. Market volatility coincides with a Labor Day holiday in the US, while Iran has announced plans to control a new shipping corridor in the Hormuz region with Oman.

    Why it matters

    The Strait of Hormuz is a critical global energy chokepoint. Escalating military conflict between the US and Iran threatens the flow of crude oil to international markets. A wider war or sustained shipping disruptions would likely spike the cost of gas and diesel.

    What is confirmed

    • Goldman Sachs warns oil could hit $120 per barrel if shipping attacks in the Middle East intensify.
    • The United States and Iran have traded strikes on ships.
    • Brent crude prices are currently near $97.
    • Goldman Sachs identifies a potential price drop toward $80 if Gulf exports normalize.

    Still unconfirmed

    • Iran intends to control a new shipping corridor in the Hormuz region with Oman.
    • Donald Trump has dismissed diplomacy with Iran, increasing the risk of a wider war.
    • Gas and diesel prices may spike faster than crude oil.

    What to watch next

    • Further tanker attacks in the Strait of Hormuz
    • Diplomatic responses from the US and Iran regarding shipping corridors
    • Changes in Gulf export volumes
    Sources used for this update (13)
    1. Reuters — Oil extends gains after US and Iran strike ships
    2. The New York Times — Oil Prices Rise Slightly After U.S. and Iran Trade Strikes
    3. WSJ — Oil Rises as Escalating U.S.-Iran Conflict Stokes Supply Disruption Fears
    4. Bloomberg.com — Goldman Flags Risk of $120 Oil If Mideast Ship Attacks Intensify
    5. WSJ — Oil Higher on Hormuz Escalation Amid Quiet Markets Due to Labor Day
    6. Crude Oil Prices Today | OilPrice.com — Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise
    7. oilprice.com — Iran Says It Will Control New Hormuz Shipping Corridor
    8. oilprice.com — Goldman Sachs Warns Oil Could Hit $120 as Shipping Risks Rise
    9. www.ntd.com — Goldman Sachs Says Oil Could Hit $120 if US-Iran Shipping Attacks Intensify
    10. urbanacres.in — Strait of Hormuz Oil Risk Puts Global Energy Networks on Edge
    11. www.briefs.co — Goldman says oil could reach $120 if Middle East shipping attacks intensify
    12. finance.yahoo.com — Goldman Sachs Says Oil Could Hit $120 as Trump Dismisses Diplomacy with Iran
    confidence 90%
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