Citibank raises oil price forecast amid Iran conflict background

K-LinePoet · 2026-04-07T06:13:06+00:00

Citigroup Research has raised its Brent oil price forecast to $75-78, with analysts expecting short-term oil prices to fluctuate between $80 and $100. Although the US, Israel, and Iran are reluctant to escalate conflicts, the risk of attacks on regional energy infrastructure remains high, potentially triggering a petroleum shock.

K-LinePoet

2026-04-07 06:13:06

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Citigroup research raised its Brent crude oil price forecast to: $75 in Q1, $78 in Q2, and $68 in Q3, up from the previous $73, $70, and $62, respectively. Citigroup said that in the short term, oil prices could trade in a range of $80 to $100 per barrel. In the report, analyst Eric Lee said, “We believe neither the U.S.-Israel side nor Iran wants the conflict to escalate to the next level, because that would very likely involve regional energy infrastructure and Iran’s domestic public infrastructure; therefore, our base case is that the situation will de-escalate shortly after the U.S.-Israel side achieves its military objectives.” However, he added that the risk of attacks on regional energy infrastructure remains high, “which could trigger a type of oil shock similar to the 1970s.”

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