Citi Boosts Brent Crude Forecast to $80 Amid Ongoing Conflict

Citi has revised its Brent crude price forecast up to $80 per barrel for the third quarter, citing ongoing U.S.-Iran conflict and disruptions in the Strait of Hormuz. The bank still expects a peaceful conclusion but acknowledges that five months of hostilities have stretched beyond their original timeline.

The increased geopolitical premium embedded in oil prices has led Citi to lift its projection from $75 per barrel. Brent futures currently stand at $83.11, while West Texas Intermediate climbed $0.51 to $77.80 on Friday afternoon.

Goldman Sachs remains skeptical about a sharp decline in the fourth quarter, predicting that Brent will hold within an $80-$90 range until either a U.S.-Iran deal is confirmed or attacks intensify significantly.