What specific scenario does Goldman Sachs warn could drive oil prices to $120 per barrel?

Goldman Sachs warns that if the Middle East conflict persists and the Strait of Hormuz experiences prolonged disruption to shipping, international crude oil prices could surge to $120 per barrel by year-end.

How has the volume of crude oil transport in the Persian Gulf changed due to the conflict, according to Bloomberg's citation of Goldman's report?

According to Bloomberg's citation of Goldman Sachs' commodity research report, crude oil transport volume in the Persian Gulf has fallen to less than 45% of pre-conflict levels due to the escalating Middle East conflict.

Goldman Sachs Warns Middle East Conflict Could Push Oil Prices to $120

Jul 24, 2026

Goldman Sachs warns that prolonged Middle East conflict and blocked Strait of Hormuz shipments could drive international crude oil prices to $120 per barrel by year-end.

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