Goldman Sachs warns oil may hit $120 amid Hormuz tensions
Goldman Sachs is sounding the alarm: if things get messier in the Middle East, especially around the Strait of Hormuz, oil prices might shoot up to $120 per barrel.
Right now, Brent crude is already at about $97, a high not seen since July, thanks to recent US strikes on Iranian tankers and Iran restricting shipping routes.
Daan Struyven urges natural gas focus
If shipping routes calm down, Goldman thinks oil could actually drop back to $80 per barrel.
But for now, energy prices everywhere are feeling the heat. Diesel has more than doubled this year due to supply shocks.
Daan Struyven from Goldman Sachs suggests investors pay closer attention to natural gas and refined oil products during these rocky times.
He also points out that while China might help keep crude prices steady by importing less, it cannot do much for natural gas or diesel markets.