Goldman Sachs Group IncGoldman Sachs is cited only for its forecast that Brent could surge above $120, not for any company-specific development.

Brent crude oil prices jumped more than 2% to top $108 a barrel after attacks on Saudi Arabia's energy infrastructure left the East-West pipeline still out of service. Brent futures rose $2.50, or 2.37%, to $108.18 a barrel, while U.S. West Texas Intermediate futures rose $2.46, or 2.43%, to $103.85 a barrel. Yemen's Houthis launched a new round of attacks on Saudi Arabia on Monday, firing dozens of missiles and drones at an air base in the southern city of Khamis Mushait, following Friday's attack that Riyadh blamed on Iran-backed militants in Iraq, which halted the East-West pipeline. The pipeline had carried about one-fifth of global oil supply, and the disruption could put as much as 4% of global oil supply at risk. Goldman Sachs said the damage could be more severe than estimated and could affect the remaining oil exports of about 2 million barrels per day through Yanbu, adding that the attack increases the likelihood that Brent will surge above $120 a barrel. Meanwhile, shipping through the Strait of Hormuz fell to just 4 vessels on Monday from 10 the previous day, according to preliminary Kpler data.
Goldman Sachs Group IncGoldman Sachs is cited only for its forecast that Brent could surge above $120, not for any company-specific development.