【Iran Crisis】Citi Predicts Brent Oil Will Rise to $110-$120 in the Short Term - How Can the Continuous Oil Price Surge Be Stopped?

Iran war continues to boost oil prices, with Citibank raising its short-term baseline forecast for Brent crude oil to $110–$120 per barrel, expecting the Middle East conflict to ease by mid to late April. The three-month target for NYMEX crude is $104 per barrel.

Analysts like Max Layton from Citibank stated in a report that oil supply disruptions over the next 4 to 6 weeks could reach 11 to 16 million barrels per day, lower than the previous estimate of around 20 million barrels per day affected by risks in the Strait of Hormuz.

Brent crude oil is expected to fall to $70–$80 per barrel by the end of the year

The bank indicated that oil prices may continue to rise until reaching a level that prompts the U.S. to cease military actions, market events, or until the International Energy Agency or OECD countries implement stronger stock release measures, or major global military powers forcibly reopen the Strait of Hormuz, or China pressures Iran to reach an agreement.

In the baseline scenario, Citibank forecasts that Brent crude oil will fall to $70–$80 per barrel by the end of the year.

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