Oil prices may rise $3-5 per barrel when trading resumes Sunday evening following the US attack on Iran, analysts say. Further gains depend on Iran's response and potential supply disruptions.

Oil prices are expected to rise $3-5 per barrel when trading resumes Sunday evening due to the US attack on Iran, with further gains dependent on Iran's response and potential supply disruptions.

The recent Israeli strike on Iran has heightened fears of a broader conflict, causing oil prices to surge. Iran's vow to retaliate has kept the market on edge.

Goldman Sachs Research forecasts Brent crude oil to trade between $70-85 per barrel, with potential peaks of $90 or higher if there's a significant disruption to Iran's supply. A 2 million barrel-per-day disruption could temporarily push Brent crude to $90 if OPEC producers offset the shortfall.

Core OPEC countries like Saudi Arabia and the UAE, with over 4 million barrels of spare capacity, typically step in to offset lost supply. However, the speed and willingness of these producers to respond will be crucial in determining oil prices.

WTI crude oil futures jumped 7.2% to settle at $73 per barrel on Friday, while Brent crude prices were around $77 per barrel. The current price of WTI crude oil is $74.93 per barrel.

Any escalation or retaliation could lead to further price increases.

The ability and willingness of OPEC producers to offset potential supply disruptions will significantly impact oil prices.

Economic stimulus in China and interest rate cuts by the US Federal Reserve may influence oil demand and prices.#IsraelIranConflict $BTC