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

Odaily News According to Citigroup's research department, as the Iran conflict continues to escalate, the quarterly price forecast for Brent crude has been raised. The average price for the first quarter is expected to reach $75, $78 for the second quarter, and $68 for the third quarter, higher than the previous forecasts of $73, $70, and $62 respectively. The report points out that short-term oil prices, driven by geopolitical risks, may fluctuate within the range of $80 to $100 per barrel. Analyst Eric Lee believes that once U.S.-Israeli 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.