Citigroup raises oil price bullish market forecast: may rise to $120
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Citigroup raised its average price expectation for Brent crude oil in a bullish scenario from $80 per barrel to $120 per barrel, with the likelihood increasing from 10% to 20%. Analysts pointed out that the new bullish scenario is based on concerns about supply disruptions, similar to the situation during the Russia-Ukraine conflict in 2022. In a bearish scenario, the average price is expected to be $60 per barrel in the fourth quarter of 2025 and $55 per barrel in the first quarter of 2025. Current risks include potential Israeli attacks on Iran and disruptions to oil flow in the Strait of Hormuz
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