Citigroup now targets Brent crude at $120 per barrel


Citigroup has raised its oil price forecasts and is urging investors to add near-term crude exposure, pointing to the prolonged disruption to flows through the Strait of Hormuz and the slim prospects of an imminent diplomatic resolution between the United States and Iran.
The bank now targets Brent crude at $120 per barrel over the next zero to three months and has lifted its average quarterly price forecasts to $110, $95, and $80 per barrel for the second, third, and fourth quarters of 2026, respectively, up from prior estimates of $95, $80, and $75.
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