Citi forecasts Brent crude could spike to $150/bbl, with near-term prices hitting $120/bbl amid geopolitical tensions and supply risks.

Crude oil prices remained stable as US-Iran tensions persist, with Citi predicting Brent could surge to $120 per barrel due to disrupted Middle East oil supplies.

The agency believes the current crisis situation should not lead to fundamental changes in the oil market that would radically shift the balance of supply and demand

Worst-case scenario warns of deep economic impact as three possible outcomes outlined amid ongoing Iran conflict

Global crude oil prices could surge to as high as $200 per barrel in a worst-case scenario if the Strait of Hormuz remains closed through the end of 2026, according to a report.

Citi forecasts Brent crude could spike to $150/bbl, with near-term prices hitting $120/bbl amid geopolitical tensions and supply risks.

Global oil inventories are falling rapidly, leaving prices exposed to further gains if the Strait of Hormuz disruption continues.