Citigroup expects the Q2 Brent crude benchmark scenario average price to be $95 per barrel; in the bullish scenario, it could reach $130 per barrel

GateNews

2026-04-02 14:00:55

Gate News reports that on April 2, Citibank released a forecast report for the crude oil market, predicting that in the base scenario for Brent crude oil (the international benchmark oil price) in the second quarter of 2026, the average price will be $95 per barrel, and in the bullish scenario, it will be $130 per barrel. The report indicated that global oil supply could be short by 4.4 million barrels per day; if some Gulf countries refuse to agree to Iran’s so-called “transit fees,” the supply shortfall could expand to 8 million barrels per day.

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