Oil could hit $120 if Hormuz stays shut, Goldman warns

Brent crude could surge above $120 a barrel by the end of the year if the Strait of Hormuz remains disrupted, according to Goldman Sachs Group Inc. The investment bank warns this scenario is possible, though it is not its main forecast. The strait, a narrow waterway between Iran and the Arabian Peninsula, is a critical passage for about a fifth of the world's oil supply. Any prolonged closure could tighten global markets sharply, pushing prices higher. Goldman’s analysis highlights the risk, but stresses that other outcomes are more likely.