Oil may rally to as much as $120 a barrel if attacks on shipping in the Middle East increase, according to Goldman Sachs Group Inc., which recommended bets on natural gas and diesel as a way to capture gains, Bloomberg reports.

If oil exports from the region are regulated, the price could fall to $80 per barrel, Daan Struyven, co-head of global commodities research, said in an interview on Bloomberg TV.

“Events over the last few days do suggest that the risk of shipping disruptions broadening and intensifying is an important one,” Struyven added.