Citibank predicts that Brent oil prices will rise to $110-120 per barrel in the short term.

Citigroup stated in a report that they have raised their short-term baseline forecast for Brent crude oil prices to $110-120 per barrel, and they predict that the Middle East conflict will ease by late April. Analysts such as Max Layton wrote in the report that disruptions to oil supply in the next 4-6 weeks could reach 11-16 million barrels per day, lower than the previously estimated export volume of about 20 million barrels per day at risk through the Strait of Hormuz. The three-month target price for WTI oil is around $104 per barrel. The market may continue to rise until a price level or market event prompts the U.S. to end military operations, and/or the International Energy Agency or OECD countries take stronger inventory release measures, or global military powers take action to forcibly reopen the Strait of Hormuz. According to Citigroup's baseline scenario prediction, Brent crude oil is expected to fall to $70-80 per barrel by the end of the year.