Financial institution Citi has adjusted its projections for average Brent crude prices, specifically raising its outlook for the remainder of 2026. This updated forecast was released late on Sunday. Citi also issued a significant warning regarding potential market volatility.
Updated Price Projections
The bank’s revised base-case forecast for Brent now includes several key price points. These figures are $110, $95, and $80. Citi has uplifted its previous estimates for the commodity.
This adjustment applies to the average Brent crude prices for the rest of 2026. The financial institution announced these revised projections late on Sunday, providing new guidance to the energy sector.
Critical Strait of Hormuz Scenario
Citi also highlighted a specific high-risk scenario. The bank warns that oil prices could potentially soar to $150 a barrel under certain conditions. This represents a substantial increase from current levels.
This elevated price scenario is contingent on prolonged geopolitical issues. Specifically, oil flows through the critical Strait of Hormuz must remain disrupted. This condition would need to persist through the end of June for the $150 per barrel price point to materialize.
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