Goldman Sachs’ co‑head of global commodities research, Daan Struyven, told Bloomberg TV that the risk of broader shipping disruptions in the Middle East is a key factor that could push oil prices higher. He said the recent escalation, including U.S. strikes on three Iranian tankers after the Islamic Revolutionary Guard Corps targeted two U.S. warships, heightens that risk.
Oil prices have rallied in recent days. Early Monday Asian trading saw Brent crude rise above $97 a barrel and U.S. West Texas Intermediate trade above $92, the highest levels since mid‑July and close to the $100 per barrel threshold.
Iranian officials have signaled a tougher stance. Parliament speaker Mohammad Bagher Qalibaf warned that “proportionate responses” are over and that future retaliation will be “faster, heavier and more painful.” The Supreme National Security Council’s new head, Mohsen Rezaei, said Iran will soon announce an exclusion zone extending from the U.S. naval blockade line toward the Strait of Hormuz and into the Persian Gulf, with any vessel entering the area subject to sanctions.
Struyven said Goldman sees “meaningful upside” for crude prices if shipping risks deepen, and added that investors should also consider rising natural‑gas and refined‑product prices. He noted that supply shocks appear larger in the gas and fuels markets than in crude oil.
