Story perspectives

Oil Prices Surge Amid Supply Disruptions and Conflict

3/21/2026

Summary

Goldman Sachs Predicts Oil

Goldman Sachs analysts warn that damage to oil infrastructure and the need to refill reserves could keep oil prices elevated, even if the U.S.-Israeli war in Iran ends soon.
Brent crude rose to $112 per barrel, up 55% since the war began.
The International Energy Agency reports significant supply disruptions as Gulf producers slash production.
Attacks on energy facilities, including Qatar's Ras Laffan, threaten long-term supply stability and inflation.

History

Historical Context

The 1973 oil crisis emerged from geopolitical tensions during the Yom Kippur War, when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo on nations supporting Israel. This led to oil prices skyrocketing from $3 to $12 per barrel, causing global economic turmoil. The crisis reshaped energy policies and highlighted the West's dependency on Middle Eastern oil, with lasting implications for inflation and energy diversification.

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Goldman Sachs Predicts Oil

Goldman Sachs analysts warn that damage to oil infrastructure and the need to refill reserves could keep oil prices elevated, even if the U.S.-Israeli war in Iran ends soon.
Brent crude rose to $112 per barrel, up 55% since the war began.
The International Energy Agency reports significant supply disruptions as Gulf producers slash production.
Attacks on energy facilities, including Qatar's Ras Laffan, threaten long-term supply stability and inflation.

1 / 2