Goldman Sachs Group IncGoldman's commodities research head is quoted forecasting Brent could top $120, a market call rather than a company-specific event.

Crude oil prices in the global market surged today, with Brent crude breaking above $100 per barrel for the first time since July, amid heightened tensions between the United States and Iran, which have raised investor concerns about disruptions to oil supplies from the Middle East. West Texas Intermediate crude for October delivery rose $2.09, or 2.25%, to $95.12 per barrel, while Brent for November delivery gained $2.73, or 2.79%, to $100.65 per barrel. The U.S. Central Command said the U.S. Navy destroyed five Iranian oil tankers in response to attacks on U.S. warships, with no injuries reported. Dan Struyven, head of commodities research at Goldman Sachs, said the conflict dragging into its seventh month increases the risk of oil prices surging above $120 per barrel, as Iran's attacks on ships in the Strait of Hormuz intensify. He acknowledged that there is a definite possibility of prices reaching that level. However, in the base case, Goldman Sachs still expects oil exports from the Persian Gulf to gradually recover, as producers adapt by using alternative transport routes and increasing pipeline capacity.
Goldman Sachs Group IncGoldman's commodities research head is quoted forecasting Brent could top $120, a market call rather than a company-specific event.