Goldman Sachs is warning that oil prices could surge to $120 per barrel if attacks on Middle East shipping continue. According to the investment banking firm, this would be the highest price of oil since the US and Israel launched their war on Iran in February. Daan Struyven, co-head of global commodities research at Goldman Sachs, stated that there is a growing risk of shipping disruptions becoming more frequent and severe. The current price of Brent crude is above $97 per barrel, with an average of 10 commodity ships passing through the Strait of Hormuz each day over the past 10 days, down from nearly 15 previously.
Written by the local model on 2026-09-07,
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Story summary
Goldman Sachs has warned that oil prices could surge to as high as $120 per barrel if attacks on Middle East shipping continue. This would be the highest oil price level since the US and Israel launched their war on Iran on February 28th. The current peak of $114 per barrel, reached on May 4th, is already a concern, but Goldman Sachs' warning suggests that prices could rise even higher if shipping disruptions worsen. The Strait of Hormuz, through which one-fifth of the world's oil passes, has been at the center of tensions between Iran and the US. Despite efforts to resolve the issue, progress remains stalled, with Iran announcing new sanctions on ships trying to pass through the strait. This development has raised concerns that the situation could escalate further, leading to higher oil prices.
Written for “Oil Price Surge Feared” on 2026-09-07,
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Leaning score +0.35 for article 6697 (high confidence, 1 verified quote) · logged 2026-09-07
Oil prices could surge as high as $120 per barrel if attacks on Middle East shipping do not stop, Goldman Sachs has warned.
uncertain
Sachs → surge → shipping
This would be the highest oil prices have hit since the US and Israel launched their war on Iran on 28 February.
asserted
US → hit → February
Brent crude, the international benchmark, peaked at $114 per barrel on 4 May.
uncertain
crude → peak → May
“Events over the last few days do suggest that the risk of shipping disruptions broadening and intensifying is an important one,” said Daan Struyven, co-head of global commodities research at the investment banking firm, in an interview with Bloomberg TV on Monday.
asserted
Struyven → suggest → Monday
The US and Iran have been unable to address a stalemate over the management of the Strait of Hormuz, through which one fifth of the world’s oil passed during peace time.
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fifth → address → time
Tehran said on Monday it will unveil new sanctions for ships trying to pass through the strait following a weekend of renewed exchanges with the US, casting fresh doubt on progress towards an end to the conflict.
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it → say → conflict
Mohsen Rezaei, the secretary of Iran’s supreme national security council, told state TV on Sunday that Tehran will announce a new ‘exclusion zone’ outside of the waterway in the coming days.
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Tehran → tell → days
He said any ship seen entering the new restricted zone would be added to a sanctions list, reiterating that the waterway would only fully open again once the Americans “stop the sabotage, threats and attacks on Iran”.
asserted
Americans → say → Iran
Iran and the United States traded fire again over the weekend, with the price of Brent crude now above $97 per barrel, driving Hormuz traffic down to its lowest since May.
uncertain
price → trade → May
Rallying Brent crude prices could surpass $100 per barrel for the first time since 23 July, which was the only day that it has risen above this benchmark since 22 May.
uncertain
it → rally → May
Goldman Sachs sees “meaningful upside to crude oil prices”, but said that in gas and fuels, the “supply shocks are bigger than in the crude market”.
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shocks → see → market
Attacks on shipping in the Strait of Hormuz are showing further signs of intensifying.
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Attacks → ship → signs
The US claimed strikes on three Iranian oil tankers, including one off the coast of Kharg Island, after Iran’s Islamic Revolutionary Guard Corps launched ballistic missiles at two American naval vessels.
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Corps → claim → vessels
An average of ten commodity ships transited the Strait of Hormuz each day over the past 10 days, the lowest since May, according to shipping data on Monday, after US and Iranian strikes on tankers.
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average → transit → tankers
The 10-day moving average was 10 on Sunday, down from more than 15 on Friday and nearly 13 on Saturday, data from analytics firm Kpler found.
asserted
data → move → Kpler
