Goldman Sachs sees global benchmark Brent jumping as much as $20 if an Israeli strike disrupts Iranian crude oil production.
The rally spurred by the risk of wider Middle East war has stalled amid uncertainty over how Israel will retaliate against Iran for last week's ballistic missile strike.The rally spurred by the risk of a wider Middle East war has stalled out amid uncertainty over how Israel will retaliate against Iran for last week's ballistic missile strike. Chinese policymakers' failure to deliver new economic stimulus measures at a press briefing this week also held energy prices in check.
Though prices are falling, Goldman Sachs sees global benchmark Brent jumping by $10 to $20 per barrel if an Israeli strike disrupts Iranian crude oil production, according to a Tuesday research note.November contract: $73.38 per barrel, down 19 cents, or 0.26%. Year to date, U.S. crude oil has gained more than 2%.
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