Oil Prices May Rise to $120 per Barrel

Oil prices have reached their highest level since July due to the standoff between the U.S. and Iran. Analysts at Goldman Sachs are considering two scenarios: a rise to $120 per barrel if the crisis worsens, or a drop to $80 if exports normalize. The price of Brent crude is currently around $97 per barrel. The standoff, which has lasted for more than six months, has led to increased costs for various types of fuel, including a doubling of industrial diesel prices since the beginning of the year. Goldman Sachs expert Daan Struyven noted that investors are advised to hedge against geopolitical risks by investing in global natural gas and petroleum product markets. China is curbing oil imports in response to rising prices, which stabilizes the raw materials market but does not affect gas and petroleum product markets. Earlier reports indicated a rise in oil prices amid escalating conflict in the Middle East.

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