Citi projects Brent at $95/bbl in base case and $130/bbl in bull case for second quarter

April 2 (Reuters) - Citi said that for the second quarter of this year it sees Brent crude prices averaging $95 a barrel in the base case and $130 a barrel in the bull case.

Brent crude futures LCOc1 climbed to around $110 a barrel on Thursday after President Donald Trump said the U.S. would continue attacks on Iran, stoking fears of prolonged disruptions to oil supply. He gave no details on any steps that could lead to a reopening of the Strait of Hormuz, a chokepoint for roughly a fifth of global oil and gas supplies. O/R

In late March, Goldman Sachs raised its 2026 average price forecast for Brent crude oil to $85 per barrel from $77.