Citi Raises Brent Crude Oil Price Forecast for Remainder of 2026

On April 27, Citi raised its forecast for the average price of Brent crude oil for the remainder of 2026 during a local evening update. The bank stated that if oil transportation through the Strait of Hormuz continues to be disrupted until the end of June, prices could rise to $150 per barrel. The bank has adjusted its baseline price forecasts for Brent crude oil in the second, third, and fourth quarters of 2026 to $110, $95, and $80 per barrel, respectively. (Jin Shi)