Oil prices have risen for a third day due to the widening U.S.-Israeli conflict with Iran and threats to shipping through the Strait of Hormuz. Brent crude futures were at $78.83 a barrel, up $1.10, or 1.4%, by 0107 GMT, compared to the previous day's high of $82.37. Meanwhile, West Texas Intermediate crude rose by 74 cents, by 1%, to $71.97 a barrel. Goldman Sachs raised its 2026 Brent oil price assumption from $65 to $80 a barrel but sees prices reaching $120-$150 in an extreme case of prolonged conflict.