Citigroup Raises Oil Price Forecast: Brent Crude Could Reach $80–100 in Short Term

Odaily According to Citigroup's research department, as the Iran conflict continues to intensify, the bank has raised its quarterly price forecast for Brent crude oil. It now expects an average price of $75 in the first quarter, $78 in the second quarter, and $68 in the third quarter, up from previous forecasts of $73, $70, and $62 respectively. The report notes that short-term oil prices could fluctuate between $80 and $100 per barrel driven by geopolitical risks. Analyst Eric Lee believes that once US-Israeli objectives are achieved, the situation may ease, but attacks on regional energy infrastructure could still trigger oil market shocks similar to those seen in the 1970s.