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The U.S. military struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships. The Iranian Foreign Ministry, in a\u00a0statement<\/a>\u00a0on Saturday, denounced the attacks on commercial vessels as a “war crime” and an act of “economic warfare.”<\/p>\n “This appears to be a major escalation and tensions have once again ratcheted higher,” said David Morrison, senior market analyst\u00a0at\u00a0Trade\u00a0Nation<\/a>, noting that U.S. Energy Secretary Chris Wright had said it may prove impossible to reach a deal with Iran to prevent it obtaining a nuclear weapon.<\/p>\n The tit-for-tat strikes over the weekend also helped to push gas prices higher, hitting record highs<\/a>.<\/p>\n Tensions between Washington and Tehran continued to simmer. “Strike our assets and you get struck,” Iranian Parliament Speaker Mohammad Bagher Ghalibaf wrote Monday in a\u00a0post<\/a>\u00a0on X.<\/p>\n That was in response to Defense Secretary Pete Hegseth’s post who wrote that the U.S. “will destroy (and sink)” Iranian oil tankers if Iran fires on U.S. vessels.<\/p>\n Goldman Sachs on Monday raised its forecasts for Brent and WTI prices by $5 to $85 and $80 per barrel, respectively, for December 2026 and to $80 and $75 per barrel, respectively, for 2027. <\/p>\n The bank expects Mideast shipping disruptions to continue into 2027, with production gradually recovering by the second half of 2027. “Markets are increasingly pricing a prolonged Mideast conflict,” Goldman said, adding that Persian Gulf-to-China crude tanker rates in the second quarter of 2027 now price shipping disruptions lasting into that period. <\/p>\n President Trump in a post on Monday stateside said that “Oil prices will drop precipitously … when we WIN the war with Iran.”<\/p>\n \u2014CNBC’s Greg Iacurci<\/a> contributed to the report. <\/p>\n