Goldman Sachs says oil could rise to $120 a barrel if attacks on Middle East shipping worsen, while crude could fall to $80 if regional exports return to normal. Brent was near $92 when the report was written, and crude had reached its highest level since July amid a U.S.-Iran standoff over the Strait of Hormuz. Daan Struyven, co-head of global commodities research, said investors should hedge geopolitical risks with long positions in global natural gas and refined-oil products because supply disruptions are larger in those markets than in crude. Natural gas and petroleum products have outperformed crude, while industrial fuel diesel has more than doubled this year. The outlook comes as President Donald Trump presses oil companies to expand refining capacity to reduce fuel costs, a proposal the Wall Street Journal described as a potential "tough sell" because new refineries may be less profitable. Renewed U.S.-Iran strikes over the weekend pushed crude sharply higher on Monday, revived inflation concerns and lifted the 10-year Treasury yield to its highest level since January 2025 as U.S. equities declined.