Oil prices could climb above $120 a barrel if attacks across the Persian Gulf and Red Sea intensify, Goldman Sachs warned, according to CBS News.
Brent crude was trading near $100 on Tuesday, up sharply from roughly $72 two months earlier. The increase comes as fighting threatens shipping routes and raises concerns about supplies through the Strait of Hormuz, a key global oil corridor.
Higher fuel costs are also increasing transportation expenses and adding pressure to inflation.
Goldman’s base forecast expects Brent to fall to $85 by year-end if supply disruptions ease. However, the bank said near-term risks remain heavily tilted toward higher prices.
The Trump administration expects energy costs to eventually decline once the conflict ends. Treasury Secretary Scott Bessent said oil could ultimately fall to $40 or $50 as additional supply reaches markets.
Related Tweet:
Higher gas and diesel prices have cost Americans an additional $100 billion since the Iran war began, according to a Brown University tracker. https://t.co/7jdo9yaDmp
— CBS News (@CBSNews) September 8, 2026
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TIPP Staff
