The Steady Drip: Goldman Sachs Says Oil Could Hit $120 If US–Iran Shipping Attacks Intensify (Connecting the Dots: Michael Bloomberg, The Goldman Sachs Group Inc. (Bailout Company), The Breakthrough Energy Coalition, The Climate Reality Project, Climate, Gun Control, Lead Ban on Bullets, Gas Companies & The Carnegie/Soros Network)

Goldman Sachs Says Oil Could Hit $120 If US–Iran Shipping Attacks Intensify (Connecting the Dots: Michael Bloomberg, The Goldman Sachs Group Inc. (Bailout Company), The Breakthrough Energy Coalition, The Climate Reality Project, Climate, Gun Control, Lead Ban on Bullets, Gas Companies & The Carnegie/Soros Network)

Brent could fall toward $80 if Gulf exports normalize, but further tanker attacks could send prices sharply higher.

The Epoch Times

Tom Ozimek

Reporter

9/7/2026|Updated: 9/9/2026

Ships in the Strait of Hormuz off the coast of Bandar Abbas, Iran, on Aug. 10, 2026. Ali Saeedi/Getty Images

https://www.theepochtimes.com/us/goldman-sachs-says-oil-could-hit-120-if-us-iran-shipping-attacks-intensify-6084294

Oil prices could climb to $120 per barrel if attacks on commercial shipping in the Persian Gulf broaden and intensify, according to Goldman Sachs, as escalating U.S.–Iran strikes keep crude flows well below prewar levels.

The prospect of $120 crude was outlined by Daan Struyven, co-head of global commodities research at Goldman Sachs, in a Sep. 7 appearance on Bloomberg Television. He said recent events in the Middle East show that the danger of shipping disruptions “broadening and intensifying” has become significant.

Struyven’s remarks came as Brent crude rose by 89 cents, or 0.9 percent, to $97.17 per barrel by 9:33 a.m. ET on Sept. 7, after touching $97.93, its highest level since July 24. U.S. West Texas Intermediate (WTI) gained 79 cents to $92.27 per barrel.

It also comes as U.S. gasoline prices, which have been pushed higher by constraints on crude shipments due to the U.S.–Iran conflict, rose to a Labor Day record high of $4.15 per gallon on Sept. 7, according to AAA data.

The Sept. 7 gains in crude followed a sharp rally last week, when Brent rose by about 8 percent and WTI by nearly 10 percent after the United States and Iran resumed attacks on vessels in and around the Strait of Hormuz.

Goldman Sachs estimates that Persian Gulf oil exports have fallen to about 16 million barrels per day, down from a prewar average of 23 million.

“So that is roughly two-thirds, with important contributions from pipelines and also dark flows that initially don’t show up in the data but eventually show up ... once the ships turn on their transponders,” Struyven said.

Risk of Broader Disruptions

Struyven said the volume of oil leaving the Gulf remains the most important factor for crude prices. If regional exports return to normal, Goldman expects Brent to fall toward $80 per barrel, broadly in line with the level suggested by current commercial inventories.

But further attacks could send prices sharply higher.

“In an upside scenario where shipping attacks broaden and intensify, we see Brent potentially reaching $120 per barrel,” Struyven said, noting that the risk of further disruptions to tanker traffic is an “important one” while describing the upside risk to crude prices as “meaningful.”

U.S. forces struck three Iranian oil tankers on Sept. 5, including one near Kharg Island, Iran’s main oil export hub, according to U.S. Central Command. The strikes came in response to attempts by Iran’s Islamic Revolutionary Guard Corps (IRGC) to launch ballistic missiles toward two U.S. Navy warships.

The IRGC stated that it targeted three tankers that were using unauthorized routes through the Strait of Hormuz, along with three U.S.-linked vessels elsewhere. Iran has also stated that it plans to establish a restricted zone outside the strait, potentially exposing more ships in the region to attack.

Marisks, a maritime intelligence firm, called the Sept. 5 strikes a “major escalation,” stating that commercial tankers were increasingly being used as instruments of economic pressure.

ING commodities strategists Warren Patterson and Ewa Manthey said in a Sept. 7 note that the oil market remained “well-supported,” with little sign of peace between Washington and Tehran.

An average of 10 commodity ships sailed through the Strait of Hormuz per day over the past 10 days, the lowest since May, according to data released on Sept. 7 by analytics firm Kpler.

“If tanker traffic begins to slow materially, the market could price in a much larger supply shock. And there are already signs that this is happening,” said Priyanka Sachdeva, head of market insights at Phillip Nova.

Despite the escalation, oil continues to move through the Strait of Hormuz under U.S. Navy escort.

ING analysts said European natural gas prices were showing a stronger price reaction than oil because liquefied natural gas shipments via Hormuz had not recovered as quickly as crude.

European benchmark gas prices rose by nearly 4 percent early on Sept. 7 as the region approached the 2026–2027 heating season with what Patterson and Manthey described as “increasingly vulnerable” supplies.

Reuters contributed to this report.

Breakthrough Energy

https://en.wikipedia.org/wiki/Breakthrough_Energy

Breakthrough Energy is the umbrella name of several organizations, founded by Bill Gates in 2015, that aim to accelerate innovation in sustainable energy and in other technologies to reduce greenhouse gas emissions. It has been investing in a variety of startup companies which were attempting to commercialize new concepts such as nuclear fusion, large-capacity batteries to store renewable energy, and microbe-generated biofuels.[1] In 2025, strategy shifted away from public policy towards supporting clean energy technology alone, as the Second Trump administration has been promoting fossil fuels and dissolved programs addressing climate change.

Suzanne Nora Johnson

https://en.wikipedia.org/wiki/Suzanne_Nora_Johnson

Board and advisory roles

In July 2008, Johnson was appointed to the board of American International Group (AIG).

Johnson is co-chair of the Brookings Institution[10] and serves on the boards of several other nonprofit institutions: The Broad Museum, The Broad Foundation,[11] the Carnegie Institution for Science,[12] the Markle Foundation. On June 16, 2022, the University of Southern California announced Johnson was elected Chair of the Board of Trustees, replacing Rick Caruso [13] and making her the first woman to hold the position.[4] A USC alumna, Johnson joined the USC Board of Trustees in 1998.[14] She is an advisory board member to the Initiative on Financial Security at the Aspen Institute. Johnson is also a member of the Global Agenda Council for the Future of Financial and Monetary Systems for the World Economic Forum.

Connecting the Dots:

Bloomberg LP is the parent company for Bloomberg Television.

Michael R. Bloomberg is the founder of Bloomberg LP, Emma Bloomberg’s father and was a donor for the Robin Hood Foundation.

Emma Bloomberg is Michael R. Bloomberg’s daughter and was the chief of staff for the Robin Hood Foundation.

Foundation to Promote Open Society was a funder for the Robin Hood Foundation.

George Soros was the chairman for the Foundation to Promote Open Society and is a member of the Breakthrough Energy Coalition.

Michael R. Bloomberg is a member of the Breakthrough Energy Coalition, the founder of Bloomberg LP, Emma Bloomberg’s father and was a donor for the Robin Hood Foundation.

Lloyd C. Blankfein was a director at the Robin Hood Foundation and the chairman & CEO for the Goldman Sachs Group Inc. (Bailout Company).

Daniel S. Och is a director at the Robin Hood Foundation and was a trader for the Goldman Sachs Group Inc. (Bailout Company).

David M. Solomon was a leadership council member for the Robin Hood Foundation and is a managing director at the Goldman Sachs Group Inc. (Bailout Company).

Peter D. Kiernan III is a director at the Robin Hood Foundation and was a senior partner at the Goldman Sachs Group Inc. (Bailout Company).

Clifford S. Asness was a leadership council member for the Robin Hood Foundation and a managing director at the Goldman Sachs Group Inc. (Bailout Company).

David A. Tepper was a trader for the Goldman Sachs Group Inc. (Bailout Company) and is a director at the Robin Hood Foundation.

Emma Bloomberg was the chief of staff for the Robin Hood Foundation and is Michael R. Bloomberg’s daughter.

Michael R. Bloomberg is Emma Bloomberg’s father, the founder of Bloomberg LP, a member of the Breakthrough Energy Coalition, was a donor for the Robin Hood Foundation and a benefactor at the Harlem Children's Zone.

George Soros is a member of the Breakthrough Energy Coalition, was the chairman for the Foundation to Promote Open Society and a benefactor at the Harlem Children's Zone.

Foundation to Promote Open Society was a funder for the Robin Hood Foundation and the Harlem Children's Zone.

Gary D. Cohn is a trustee at the Harlem Children's Zone and was the president & COO for the Goldman Sachs Group Inc. (Bailout Company).

Richard E. Witten is a trustee at the Harlem Children's Zone and was an advisory director for the Goldman Sachs Group Inc. (Bailout Company).

Laurie R. Ferber was a managing director for the Goldman Sachs Group Inc. (Bailout Company) and the general counsel for MF Global Holdings Ltd.

Jon S. Corzine was the chairman & CEO for the Goldman Sachs Group Inc. (Bailout Company) and the chairman & CEO for MF Global Holdings Ltd.

Soros Fund Management was the buyer of assets, post-bankruptcy for MF Global Holdings Ltd.

Mark Schwartz was the president & CEO for Soros Fund Management, George Soros’s senior adviser and the president & CEO for the Goldman Sachs Group Inc. (Bailout Company).

George Soros is the founder of the Soros Fund Management, a member of the Breakthrough Energy Coalition and was the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the Climate Reality Project and the Brookings Institution (think tank).

The Climate Project was a merged organization with the Climate Reality Project.

Albert A. Gore Jr. was a donor for The Climate Project, is the chairman for the Climate Reality Project and a partner at Kleiner Perkins Caufield & Byers.

Kleiner Perkins Caufield & Byers was a donor for The Climate Project.

Margaret C. Whitman (Meg Whitman) was a strategic adviser for Kleiner Perkins Caufield & Byers and is a member of the Breakthrough Energy Coalition.

Vinod Khosla is a partner emeritus at the Kleiner Perkins Caufield & Byers and a member of the Breakthrough Energy Coalition.

William H. Gates III is a member of the Breakthrough Energy Coalition and a co-chair for the Bill & Melinda Gates Foundation.

Bill & Melinda Gates Foundation was a funder for the Brookings Institution (think tank).

John C. Whitehead was an honorary trustee at the Brookings Institution (think tank) and a co-chairman & senior partner for the Goldman Sachs Group Inc. (Bailout Company).

Tracy R. Wolstencroft is a trustee at the Brookings Institution (think tank) and was an advisory director for the Goldman Sachs Group Inc. (Bailout Company).

Richard L. Kauffman was a trustee at the Brookings Institution (think tank) and a group chairman for the Goldman Sachs Group Inc. (Bailout Company).

John L. Thornton is the chair for the Brookings Institution (think tank) and was the president & COO for the Goldman Sachs Group Inc. (Bailout Company).

Abby Joseph Cohen was a trustee at the Brookings Institution (think tank) and a senior investment strategist for the Goldman Sachs Group Inc. (Bailout Company).

Geoffrey T. Boisi is an honorary trustee at the Brookings Institution (think tank) and was a general partner at the Goldman Sachs Group Inc. (Bailout Company).

Mario Draghi is an honorary trustee at the Brookings Institution (think tank) and was a managing director at the Goldman Sachs Group Inc. (Bailout Company).

Suzanne Nora Johnson is a trustee at the Brookings Institution (think tank), serves on the board for the Carnegie Institution for Science, an advisory board member to the Initiative on Financial Security at the Aspen Institute and was the vice chair for the Goldman Sachs Group Inc. (Bailout Company).

Andrew Carnegie was the founder of the Carnegie Institution for Science, the founder of the Carnegie Foundation for the Advancement of Teaching and the founder of the Carnegie Corporation of New York.

Carnegie Corporation of New York was a funder the Brookings Institution (think tank), the Aspen Institute (think tank) and a supporter for the American Society for Muslim Advancement.

Bill & Melinda Gates Foundation was a funder for the Carnegie Foundation for the Advancement of Teaching, the Brookings Institution (think tank) and the Aspen Institute (think tank).

William H. Gates III is a co-chair for the Bill & Melinda Gates Foundation and a member of the Breakthrough Energy Coalition.

George Soros is a member of the Breakthrough Energy Coalition and was the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the Brookings Institution (think tank) and the Aspen Institute (think tank).

Stephen Friedman is a trustee at the Aspen Institute (think tank) and was a director at the Goldman Sachs Group Inc. (Bailout Company).

L. Brooks Entwistle is a trustee at the Aspen Institute (think tank) and an advisory director for the Goldman Sachs Group Inc. (Bailout Company).

Robert J. Hurst is a trustee at the Aspen Institute (think tank) and was the vice chairman for the Goldman Sachs Group Inc. (Bailout Company).

Anne Welsh McNulty is a trustee at the Aspen Institute (think tank) and was a managing director at the Goldman Sachs Group Inc. (Bailout Company).

Robert K. Steel is the chairman for the Aspen Institute (think tank) and was the vice chairman for the Goldman Sachs Group Inc. (Bailout Company).

Roderick K. von Lipsey is a trustee at the Aspen Institute (think tank) and was the VP for the Goldman Sachs Group Inc. (Bailout Company).

Carnegie Corporation of New York was a funder for the Aspen Institute (think tank) and a supporter for the American Society for Muslim Advancement.

Andrew Carnegie was the founder of the Carnegie Corporation of New York.

Bill & Melinda Gates Foundation was a funder for the Aspen Institute (think tank).

William H. Gates III is a co-chair for the Bill & Melinda Gates Foundation and a member of the Breakthrough Energy Coalition.

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank).

George Soros was the chairman for the Foundation to Promote Open Society, married in 2013 and is a member of the Breakthrough Energy Coalition.

Jim Yong Kim was a guest at George Soros’s 2013 wedding and is a trustee at the World Economic Forum.

Jack Ma is a member of the Breakthrough Energy Coalition and a trustee at the World Economic Forum.

Mukesh Ambani is a member of the Breakthrough Energy Coalition and a trustee at the World Economic Forum.

Marc R. Benioff is a member of the Breakthrough Energy Coalition and a trustee at the World Economic Forum.

Suzanne Nora Johnson is a member of the Global Agenda Council for the Future of Financial and Monetary Systems for the World Economic Forum, serves on the board for the Carnegie Institution for Science, a trustee at the Brookings Institution (think tank), an advisory board member to the Initiative on Financial Security at the Aspen Institute (think tank) and was the vice chair for the Goldman Sachs Group Inc. (Bailout Company).