Citigroup expects Brent crude oil to rise to $110-120 per barrel in the near term

MaticHoleFiller · 2026-03-21T00:10:39+00:00

Citi raises its short-term Brent crude oil price forecast to $110-120 per barrel and expects Middle East tensions to gradually ease. Over the coming weeks, oil supply disruptions could range from 11 million to 16 million barrels per day, with a WTI short-term target price of $104 per barrel. Brent oil prices are expected to decline to $70-80 per barrel by year-end.

MaticHoleFiller

2026-03-21 00:10:39

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Citigroup in a report raised its short-term baseline forecast for Brent crude oil prices to $110-$120 per barrel and predicts that the Middle East conflict will ease by mid to late April.

Analysts including Max Layton wrote in the report that oil supply disruptions over the next 4-6 weeks could reach 11-16 million barrels per day, lower than the previous estimate of around 20 million barrels per day facing risks in Strait of Hormuz transit. The three-month target for WTI oil prices is around $104 per barrel.

Citigroup stated that the market could continue to rise until prices reach levels that prompt the U.S. to end military actions or until market events occur, and/or the International Energy Agency or OECD countries take stronger measures to release inventories; or global military powers take action to forcibly reopen the Strait of Hormuz.

According to Citigroup’s baseline scenario forecast, Brent crude oil is expected to fall to $70-$80 per barrel by the end of the year.

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