[Goldman Sachs warns that oil prices may rise to $120 per barrel due to the situation in the Middle East and recommends going long on natural gas and refined oil] On September 7, Goldman Sachs Group stated that if attacks on ships in the Middle East further escalate, oil prices may rise to $120 per barrel; the bank also recommended that investors go long on natural gas and diesel to capture potential gains. "The events of the past few days really demonstrate that the risk of shipping disruptions becoming more widespread and worsening cannot be ignored," Daan Struyven, co-head of global commodities research at Goldman Sachs, said in a television interview. Crude oil prices have risen to their highest levels since July as the United States and Iran enter a standoff over the Strait of Hormuz. Recently, Washington has cracked down on Iranian oil tankers, while Tehran has announced it will establish a new restricted zone outside the Strait of Hormuz. The U.S. Navy also continues to block Iranian ports and escorts ships from other oil-producing countries out of relevant waters. Struyven said that in addition to Goldman's bullish scenario of $120 a barrel, the bank's lower target for oil prices is $80 a barrel if the region's exports return to normal. Brent crude oil was last trading at around $97 a barrel. "While we believe crude oil prices still have significant upside potential, we recommend investors hedge against geopolitical risks by going long global natural gas and refined products," Struyven said of betting on higher prices. "These markets have suffered greater supply shocks than the crude oil market."