Goldman Sachs: Brent could top $120 a barrel by Q4 if Hormuz disruptions continue

Goldman Sachs flagged a material upside risk to Brent if disruptions in the Strait of Hormuz persist, underscoring geopolitical supply fragility in a key global energy chokepoint. The headline increases near-term tail-risk premia in oil, with potential spillovers into inflation expectations, energy equities, and rates volatility as markets reprice the probability and duration of supply interruptions.