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.
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00:00It's Benzinga and here's what's on the block.
00:02Goldman Sachs warned oil prices could rise by $20 per barrel if Iranian oil production
00:08drops by 1 million barrels per day.
00:10This potential surge comes as tensions escalate between Israel and Iran following Tehran's
00:15missile strike on Israel.
00:17The price spike would depend on OPEC Plus not increasing production, according to a
00:21Goldman Sachs analyst.
00:23If key OPEC Plus members offset production losses, the oil price increase could be slightly
00:27less than $10 per barrel.
00:30Analysts also voiced concerns over the Strait of Hormuz, a vital oil transit route should
00:34the conflict expand.
00:35For all things money, visit Benzinga.com.