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, they have raised their quarterly price forecast for Brent crude oil. The average price for the first quarter is now expected to reach $75, $78 for the second quarter, and $68 for the third quarter, up from previous expectations of $73, $70, and $62 respectively. The report notes that short-term oil prices, driven by geopolitical risks, could fluctuate within the range of $80 to $100 per barrel. Analyst Eric Lee believes that once U.S.-Israel objectives are achieved, the situation may ease, but attacks on regional energy infrastructure could still trigger oil market shocks similar to those in the 1970s.