Goldman Sachs says that oil prices may surge up to $120 per barrel if the attacks against shipping in Middle East increase.
Bloomberg TV interviewed Daan Struyven on Monday, the co-head for global commodities at Goldman Sachs.
The price of oil has risen in recent weeks due to renewed hostilities. It soared early Monday morning in Asian trades, reaching its highest level since July.
This weekend, the situation escalated after the U.S. announced that it had hit three Iranian oil tanks in response to the IRGC’s use of ballistic missiles against two U.S. Warships.
After the attack, Iranian Parliament Speaker Mohammad Bagher Qalibaf declared that “proportionate response” was over and that Iran’s future retaliations will be “faster and heavier.”
Iran said that it will announce in the next few days a “new exclusion zone”, which “will start from the U.S. Naval Blockade line, extend towards the Strait of Hormuz and continue from this side into the Persian Gulf.”
Mohsenrezaei said that any ship found to be entering this area in order to pass through the Strait of Hormuz, and which is identified, will appear on the sanctions list.
Brent Crude was trading at more than $97 a barrel early on Monday. The U.S. benchmark WTI Crude was also above $92 per barrel.
Struyven, a Goldman analyst who spoke to Bloomberg, said that Goldman believes “significant upside in crude oil prices” but also added that investors would bet more on the rising prices of natural gas and refined products.
Experts say that in gas and fuel markets, the supply shocks were greater than on the crude oil market.
By Tsvetana Paraskova for Oilprice.com
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Labor Day is the unofficial ending of summer. Whether you are sad to say goodbye or excited for autumn, everyone can agree that finding great deals will make any season more enjoyable. We can help. We have a team of experts who spend hours scouring retailer sales so that you know what to buy now, and what is better to hold off on. We’ve found markdowns up to 75% this Labor Day on homewares, clothing staples, tech gear, and much more from Apple, Kate Spade and Patagonia. We’ve put together a list of all the Labor Day deals you shouldn’t miss.
Labor Day Deals: The Best Labor Day Offers
Hanes Men’s Hoodie (originally $27): A Rare 70% Discount
Patagonia Men’s Nano Puff jacket ($160, originally $229): rare sale on a editor’s pick
Apple AirTag 4 Pack ($80, originally $99): lowest price ever seen
Ninja Flip Toaster Oven & Air Fry ($150, Was $250): Get $100 off
Dyson V8 Cyclone cordless vacuum cleaner ($300 instead of $400): rare deal
New Labor Day deals
Neutrogena Dry Touch Sunscreen 70 SPF 50 ($5, used to be $13): lowest price in months
Bose QuietComfort headphones ($199, originally $349): rare 45% discount
Levi’s Women’s Ribcage straight Jeans (45 dollars, originally $85): Lowest price for 30 days
How to pick up the best Labor Day deals
We only highlight markdowns that we think will save you real money. Some sales are not good; prices may be inflate to appear larger, or some products will cost less elsewhere. What we would skip on Labor Day
Apple iPhone: Wait — there will be a new iPhone model soon. Prices on the existing model typically drop when it launches.
Black Friday is the best time to buy video games and high-ticket technology.
Winter clothing: The new season collection is now in stores, but wait until November to get the biggest discounts on winter staples such as coats and booties.
Best Labor Day deals: Top picks
Best Labor Day deals: Rare deals
Best Labor Day deals: Style
Our style expert says that retailers are clearing summer stock to make way for the fall and winter. So, you can expect steep discounts over Labor Day on items like sundresses and sandals. I recommend shopping for the current season. Stock up now on lighter (and cheaper) clothes, and then grab the discounted styles of fall when the next round of sales comes around in October. Browse more style deals here.
Best Labor Day deals: Home
Our home expert says that now is the time to buy the outdoor furniture you have been wanting. Keep an eye on deals for pillows and mattresses. Mattress prices are usually at their lowest around Presidents’ Day. However, you may still be able to find some great discounts during this period. If you’re looking for new bedding and towels that are luxurious, I recommend waiting until the “white sales” in January. These items usually have even greater discounts. Click here to see more deals on home products.
Best Labor Day deals: Kitchen
Our kitchen expert says that as the seasons change, deals on kitchen equipment start to appear. Many of these products are useful all year round. Air fryers and cookware are great for summer, but also useful as we move into the fall. Black Friday is when you’ll see the biggest price cuts on larger appliances like refrigerators and ranges. If you can wait until November, then it might be worth buying one. Browse more kitchen deals here.
Best Labor Day deals: Tech
Our tech expert says that if you have been waiting to upgrade your tablet or laptop, it may now be time. The AI industry is creating a huge demand for components and memory chips, so the low prices we experienced in late 2017 and early 2018 are not returning. What’s the exception? Amazon devices. Prime Day is coming up, so I would wait to buy Kindles or Echo devices until they are heavily discounted. Find more deals on tech here.
Live4 Updates
These reviews are the latest versions available at the moment of publication.

Doubleline, an investment management company, noted in a recent report that by 2025 the net federal interest payments on the U.S. national debt, now at $40 trillion, will surpass the previous record of 18.4%. The U.S. collects nearly 19% (or $1.25 trillion) of its total tax and revenue to pay interest, which is equivalent to the 2026 Defense Budget.
Increasing interest payments can create a vicious cycle. The government has to borrow more money to pay the interest and is then less able to invest in infrastructure, education or other areas that promote growth.
According to the Kobeissi letter, a global market commentary, interest expenses as a percent of revenues have tripled since 2015. The Congressional Budget Office predicts that interest expense will reach 25% in 2036.
The Kobeissi Letter posted on social media that “the US debt crisis has never been seen before.” These projections are based on the assumption that there will be no recession or major slowdown in this time period.
How the interest rate on debt today is different than in 1991
In 1991, when the U.S. was still recovering from recession and the oil shocks of the Gulf War, it had a booming economy. At the time, the high demand for Treasuries pushed the yields to 8%. This was down from over 10% during previous decades.
Doubleline said that the situation is very different today. Doubleline argued that the government was able to handle an interest rate of 8% when debts were smaller. But this is not true today. The public debt in 1991 was 44% of U.S. Gross Domestic Product. Today, it is more than 100%. The government still has to spend more because of the lower interest rate, even though the debt is so large.
Analysts wrote: “The federal interest burden is at a new record, but the yield on long bonds has not reached that record.” The yield may seem normal by historical standards but not the government’s reaction to it.
In order to complicate matters, hyperscalers and major tech firms are now turning towards debt markets. AI companies will issue $225 billion of bonds during the first half 2026. This capital spending may worsen national debt, as many of the investments are tax-deductible. It also bucked a trend where private companies borrow less when governments were borrowing more. Tech giants are flocking to bonds with a 10-to-30 year term to raise the long-term funds needed to build out AI. This is straining the U.S. economy and forcing the government to offer higher interest rates to maintain demand.
Ed Yardeni, a Wall Street veteran and economist who has been in the business for over 30 years, wrote a note recently that said: “Capital is not flowing to Treasuries because it’s going into corporate bonds. Treasury yields had to go up to clean out the market.” The AI revolution has a crowding out effect that is causing Treasury yields rise.
Scott Bessent, U.S. Treasury secretary, doubled Treasury buybacks for 10-to-30 year bonds from $2 billion up to $4 billion. This move surprised investors, and was a rare example of direct involvement by the Treasury chief. Doubleline analysts said the strategy blurred between managing cash and controlling markets. It also showed how crucial a time it is for the U.S. to manage interest rates on its debt.
Analysts said that “Net interest expenses have already reached a new record as a share of revenues, and the Treasury is continuing to finance large budget deficits on a market where private capital demand is high.” The level of long bonds is therefore more important than what the comparison with historical data suggests.

MIAMI, FL (AP) – Federal investigators are laying out their plan to determine what caused the Amazon cargo plane that crashed off of a Miami International Airport runway and killed at least five passengers and injured five more as it hit vehicles and was consumed in flames.
Around 2 pm, the aircraft, which had arrived from San Juan in Puerto Rico, overran the runway and crashed into a road that was used by workers at the nearby airport and businesses. Officials said that five people died, two were hospitalized for less serious injuries and three others suffered critical injuries.
The plane’s impact did not immediately reveal if any of the passengers survived, or if all the victims were in cars.
Miami-Dade Rescue Fire chief Ray Jadallah said that the crash trapped both the copilot and pilot in their cockpits, and other passengers in vehicles. Crews had to rescue a trapped person under a car, according to the agency.
Jennifer Homendy, Chairwoman of the National Transportation Safety Board will hold a press conference on Monday.
Experts said that investigators will likely consider whether or not the plane was too high before it touched down. The landing zone usually is the first 3000 feet (914 meters).
Steve Arroyo, an aviation safety expert, said that if the plane was outside of this area it should have aborted its landing attempt and tried again.
Mary Schiavo is a former inspector general of the Transportation Department and a pilot. She said that a video online showed the Amazon airplane floating for a long time above the runway without flaring its nose up to push the main landing gear down.
There was no rain, but storm clouds were looming and there were strong winds. Schiavo stated that the tailwind could have caused the plane to float further down the runway.
Schiavo explained that a tailwind would only make things worse if the pilot had already lost a large portion of runway when he didn’t touch down or land immediately.
Miami Airport does not have the arresting system that has been installed by the FAA at over 120 airports across the country to stop safely planes that go beyond the end of the runway. The FAA credits the beds of lightweight material that can be crushed at the end a runway with saving at least 497 people aboard aircrafts which overran the runway.
Flights were halted at this busy hub of travel for most of the afternoon. The department reported that 200 emergency workers responded to the scene and found the aircraft with smoke and heavy flames from an engine compartment fire. The fire was extinguished by firefighters using foam supplied by specialized airport firefighting teams. Crews are still working to fix a fuel spill on the aircraft hours after the incident.
Images showed that the Prime Air aircraft came to rest next to a road near two semitrucks. Images showed that the aircraft was resting flat on its back and was still largely intact, despite being damaged by fire.
21 Air is a North Carolina-based cargo company that operated the flight. Flightradar24, a flight tracking site, reports that the 32-year old Boeing 767 originally was built for passenger transport and served for over two decades for various airlines. It then became a cargo aircraft in 2015.
Schiavo stated that the NTSB would also examine closely the maintenance history for this aircraft, especially since the plane has had a past of being owned by foreign companies in the previous. This includes a Russian firm.
FlightAware’s website, which tracks disruptions to flights, reported that more than 160 flight cancellations and 325 delays had occurred by Sunday evening. Orlando International Airport officials, located more than 200 km (320 miles) north of Miami said that some flights had been diverted to their airport.
Amazon stated in a press release that they would be willing to cooperate with any investigations.
The company expressed its sorrow at the loss of five lives. Our deepest sympathy goes out to all the affected families and loved ones.
A UPS aircraft crashed last year after it lost its engine as it was accelerating along the runway of Louisville’s Muhammad Ali International Airport. All three pilots were killed in the crash, as well as 12 other people. 23 more people were also injured.
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Funk reported on the story from Omaha, Nebraska. Associated Press journalists Tim Reynolds, Rio Yamat and Wufei Yo contributed from Miami.

Filling up your tank to go on a last trip for the summer over Labor Day Weekend is more expensive than ever before in the U.S.
According to AAA, the average cost of gas for regular was $4.14 per gallon before the Labor Day holiday. This is nearly $1 higher than the previous year, and more than double the Labor Day Weekend record price of $3.82 in 2012.
Nicole Collins was planning to travel from Philadelphia to South Carolina in order to see friends. However, she explained that her family had spent the majority of summer at home because it is so costly to drive.
Gas is expensive right now. Collins added, “It doesn’t matter that we have a child, we have to also pay for this.” Collins was speaking outside of a Claymont gas station, Delaware where the price per gallon is $4.199.
The prices have risen since the U.S., Israel and other countries attacked Iran on February 22nd. The flow of crude oil through the Strait of Hormuz, a vital waterway for the transportation of crude oil to the world market, has plummeted. Iran refuses to open the Strait.
Tom Seng is a Texas Christian University professor of energy and finance. He said, “Everything pointed to the Iran War” and the Strait of Hormuz.
The Energy Secretary Chris Wright gave few details on the date when drivers could expect to see a reduction in gas prices, but acknowledged that the price is higher than Labor Day 2025.
Wright stated on ABC’s This Week that “yes, the prices are higher, but we will do everything to bring them back down.”
Gas prices are still below the national average of $5.02 per gallon, set by June 2022.
Diesel is another story. It reached a new record Friday of $5.85 per gallon, the national average.
Diesel is used by trucks and other systems for freight delivery. This increased cost of transportation, which can be passed onto consumers at grocery stores or package delivery services, increases the price.
Collins stated that “it doesn’t seem as if there is an end” to the situation.
As the driving season in summer ends, gas prices tend to drop. Refineries then switch over to a winter blend that is cheaper.
Seng added that there were other factors, even outside the unstable situation in the Middle East this year, which make the future price of oil unpredictable. U.S. refining plants are operating at 98% of their capacity. Many in Texas’s unusually hot heat. Prices will be hard to lower if there are any problems or hurricanes knock some systems off line.
It’s not just an issue in the Middle East. Diesel supplies are being squeezed by Ukrainian drone attacks against Russian refineries. Matthew Metzgar is a clinical economist at UNC Charlotte and he said that Chinese refiners also see a decline in output.
Metzgar stated that “there is just less fuel coming out of these refineries.”
Wright, energy secretary Wright, stated that Trump administration is taking steps to increase the production, and the markets are forecasting lower prices for the next few months.
If you take a look at futures, you’ll see that if you buy gasoline in bulk today for November two months in advance, the price is $0.35 less than today. The marketplace believes that gasoline prices will be significantly lower in the future,” said he.
There is not much a motorist can do geopolitically to bring down the price of gas.
Metzgar says that price apps are a good way to save money on trips, particularly long ones. Gas prices along the Interstate could be up to 10 cents per gallon higher than in stations just a few miles away.
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Mingson Lau, a videojournalist with Associated Press and Gary Fields, a reporter for the Associated Press contributed.