Citibank: If the Middle East conflict continues to escalate, oil prices may soar by more than 60%!
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Citibank predicts that if the Middle East conflict escalates, oil prices in the first quarter of 2025 may soar to $120 per barrel, an increase of 62%. The current price of Brent crude oil is around $74.21. Analyst Eric Lee pointed out that if Israel's retaliatory action against Iran affects its oil production, it may lead to supply disruptions. Nevertheless, Citibank's baseline expectation is that oil prices will remain at $74, dropping to $60 by the end of next year. Other analysts are also concerned about the trend of oil prices
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