The bank revised its outlook higher due to stalled U.S.-Iran negotiations, though longer-term targets remain unchanged.
Citi increased its Q3 2026 Brent crude price forecast to $80 a barrel from $75, citing prolonged U.S.-Iran negotiations as the primary factor. Analysts maintained confidence in an eventual deal but adjusted near-term assumptions due to delays.
The bank left its Q4 2026 and full-year 2027 Brent targets at $70 and $65 a barrel, respectively. Earlier in the week, Goldman Sachs projected Brent could hold between $80 and $90 absent a clear catalyst, such as a nuclear agreement or escalated hostilities.
Brent crude rose $1.18, or 1.4%, to $81.79 a barrel Friday, while WTI climbed $1.03, or 1.33%, to $78.32. Weak U.S. employment data and persistent geopolitical uncertainty supported prices.