Oil Prices Jump 3.5% as Middle East Conflict Threatens Supply; Goldman Raises Forecasts

Oil prices have shot up sharply in recent days as political tensions in the Middle East have sparked fresh fears about global energy supply. Benchmark crude indexes like Brent and West Texas Intermediate (WTI) have climbed toward multi-month highs as traders price in the risk of a real disruption to shipments from the Persian Gulf. At the same time, financial institutions, including Goldman Sachs,s have updated their oil price forecasts upward as outlooks shift with the evolving geopolitical landscape.