Oil Prices Could Surge Past $120 | California News

Oil prices could surge past $120 a barrel as Middle East tensions escalate, with Goldman Sachs warning of sustained high prices amid attacks on tankers and oil facilities. Brent crude, already near $100, is climbing due to fears the Strait of Hormuz won’t reopen soon, compounded by Ukraine war disruptions and refinery shortages. Consumers face higher gas and diesel costs, pushing up grocery prices and inflation — economists expect CPI to rise sharply. While some officials, including Trump’s team, predict prices will fall once conflict ends, Goldman Sachs sees a more likely path of continued increases, with analysts forecasting prices to hover between $85 and $105 until peace returns.

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