Goldman Sachs Predicts Oil Prices Could Jump $20 if Iran's Output Drops Amid Conflict

Goldman Sachs warned oil prices could rise by $20 per barrel if Iranian oil production drops by 1 million barrels per day. This potential surge comes as tensions escalate between Israel and Iran following Tehran’s missile strike on Israel. The price spike would depend on OPEC+ not increasing production, according to a Goldman Sachs analyst. If key OPEC+ members offset production losses, the oil price increase could be slightly less than $10 per barrel. Analysts also voiced concerns over the Strait of Hormuz, a vital oil transit route, should the conflict expand.