Goldman Sachs warns crude oil prices could surge past $120 per barrel

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Goldman Sachs analysts issued a warning on July 20 about rising crude oil prices potentially crossing $120 per barrel. The investment bank cited escalating tensions in the Middle East as a key driver behind the price surge. A significant decline in Persian Gulf oil flows, falling below 45% of pre-war levels, has further tightened global supply. These combined factors have already pushed oil prices back up, according to the Goldman Sachs note.

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