Oil could rise to $120 a barrel in Goldman Sachs Group Inc.'s upside scenario if attacks on Middle East shipping continue to worsen, while Brent could fall to $80 if regional exports return to normal. Goldman recommends investors use long positions (bets on price gains) in global natural gas and refined-oil products to hedge geopolitical risk, saying supply shocks in those markets are more severe than in crude. Brent was trading at $97.55 a barrel, up 1.32%, while West Texas Intermediate was at $92.64, up 1.28%, as of 01:48 ET (05:48 GMT). Crude has reached its highest level since July during an ongoing standoff between the US and Iran over the Strait of Hormuz. The more-than-six-month conflict has lifted energy prices broadly, with diesel prices more than doubling this year. Goldman’s Daan Struyven said China is likely to restrain crude imports as prices rise, but is not playing the same moderating role in natural gas or refined products.