Citigroup (C) Sees a Growing Chance That Crude Oil Hits This Make-or-Break Level

FomoAnxiety · 2026-03-20T16:50:56+00:00

Citigroup analysts predict a rising likelihood of Brent crude oil reaching $150 a barrel due to the ongoing Iran war, with a near-term forecast of $120. The conflict could severely impact global supply, affecting oil prices significantly.

FomoAnxiety

2026-03-20 16:50:56

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Analysts at Citigroup C -0.15% ▼ sees a growing probability that the price of Brent crude oil will reach $150 a barrel as the war with Iran drags on with no immediate end in sight.

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In the near-term, Citigroup sees Brent crude oil, the international standard rising as high as $120 a barrel. However, analysts at the bank now say there’s a 30% probability of oil prices reaching $150 a barrel should “further attacks on energy infrastructure” damage supply over the longer term or the Strait of Hormuz remain effectively closed through June of this year.

Citigroup adds that hopes for a quick resolution to the Iran war are now fading as all parties involved dig in for what’s expected to be a protracted conflict. And, crude oil prices look increasingly vulnerable as infrastructure sites across the Middle East become targets of Iran.

From Bad to Worse in Energy Markets

The Citigroup analysts now expect Brent crude oil to trade in a range of $110 to $120 a barrel, assuming the Iran war lasts another four to six weeks. But should the conflict stretch into summer, oil prices are likely to hit $150 a barrel, a level that would cause havoc in the global economy.

Currently, Brent crude oil is trading at $108 a barrel, although it has been as high as $119 over the past week. Citigroup says that the quickest way to reduce oil prices would be if the U.S. and its allies successfully reopen shipping lanes through the Strait of Hormuz, where 20% of global crude typically travels.

Is C Stock a Buy?

Citigroup’s stock has a consensus Strong Buy rating among 17 Wall Street analysts. That rating is based on 15 Buy and two Hold recommendations issued in the last three months. The average C price target of $133.35 implies 21.55% upside from current levels.

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