WASHINGTON (CNBC) -- Goldman Sachs said Tuesday that while clashes in the Kurdistan region of Iraq posed a risk to oil output, intensifying geopolitical tensions between the U.S. and Iran remained a more formidable and longer-term threat to global oil supply.
"In the case of Iran, there are likely no immediate impacts on oil flows and there remains high uncertainty on potential reintroduction of U.S. secondary sanctions. If they are, we expect that several hundred thousand barrels of Iranian exports would be immediately at risk," analysts at Goldman Sachs said in a research note published Tuesday.