Goldman Sachs projects crude oil could rise to $120 per barrel if maritime attacks across the Middle East worsen, while its alternative scenario sees prices falling to $80 if regional tensions ease and export operations normalize. Brent crude was recently at $97.55 per barrel, up 1.32%, and West Texas Intermediate reached $92.64, gaining 1.28%. The escalation centers on the Strait of Hormuz, a major chokepoint for global petroleum shipments. During a weekend Bloomberg Television interview, Daan Struyven, co-head of global commodities research at Goldman Sachs, said recent events highlighted concerns about broader shipping disruptions. The source says American military forces have struck Iranian oil tankers, Tehran has declared a restricted maritime zone near the waterway, and U.S. naval assets are enforcing a blockade of Iranian port facilities while protecting commercial vessels from neighboring oil exporters. Goldman favors long positions in international natural gas and refined products such as diesel rather than direct crude exposure, arguing that disruptions in those markets are typically more pronounced. Diesel prices have risen more than 100% year-to-date, while natural gas has also outperformed crude. China’s tendency to reduce imports when prices rise is expected to restrain crude prices, but Goldman does not expect the same effect to extend to natural gas or refined products. The $120 level is a bullish scenario, not the bank’s baseline, and would require sustained deterioration in shipping security and prolonged regional supply constraints.