Gate News reports that on March 12, Citibank’s research department raised its quarterly price forecasts for Brent crude oil (the international oil price benchmark). The expected average prices are $75 per barrel in the first quarter, $78 in the second quarter, and $68 in the third quarter, higher than previous estimates of $73, $70, and $62 respectively. The report notes that driven by geopolitical risks, short-term oil prices may fluctuate between $80 and $100 per barrel. Citibank analyst Eric Lee believes that once the US and Israel achieve their goals, the situation may ease, but attacks on regional energy infrastructure could still trigger oil market shocks similar to those of the 1970s. The upward revision is based on the ongoing escalation of the Iran conflict.
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