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Goldman Warns Brent Could Hit $120 Amid Attacks

9/9/2026

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Summary

Story summary

Goldman Sachs warned Brent could reach $120 a barrel if Middle East shipping attacks intensify.
Brent traded $97 a barrel on Sept. 7, its highest since July.
U.S. forces struck three Iranian tankers and Iran’s parliament speaker warned of heavier retaliation.
Goldman’s base case projects Brent at $85 a barrel by year-end and WTI near $80.
Options give a 25% chance Brent stays above $100 by March 2027, up from 6%.

History

Historical Context

In October 1973, OAPEC—led by Saudi Arabia’s King Faisal—imposed an oil embargo on the United States and other Israel supporters during the Yom Kippur War, cutting output and driving the price of crude from $3 to $12 per barrel, a near-300% jump. The embargo lasted until March 1974, reshaping Western energy policy and prompting strategic petroleum reserves that policymakers cite as they confront Brent surge toward $120.

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Story summary

Goldman Sachs warned Brent could reach $120 a barrel if Middle East shipping attacks intensify.
Brent traded $97 a barrel on Sept. 7, its highest since July.
U.S. forces struck three Iranian tankers and Iran’s parliament speaker warned of heavier retaliation.
Goldman’s base case projects Brent at $85 a barrel by year-end and WTI near $80.
Options give a 25% chance Brent stays above $100 by March 2027, up from 6%.

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