Goldman Warns Oil Could Hit $120 on Middle East Shipping Attacks

This signals that the market's focus is shifting from crude supply itself to the logistics and refined-product bottlenecks that shipping disruptions expose. The distinction matters because crude may be more replaceable than the infrastructure needed to move and process it, which is why gas and refined products are flagged as more vulnerable. For traders, this underscores a potential repricing of geopolitical risk across the energy complex, not just in the headline crude benchmark. The key question is whether actual shipping disruptions broaden enough to validate this risk premium, or if diplomatic efforts cap the escalation.