Citigroup has issued a research report projecting that Brent crude oil prices will range between $80 and $90 per barrel for at least the coming week. This outlook is based on ongoing tensions involving the United States, Israel, and Iran, which have heightened risks to regional energy infrastructure. Minor disruptions in shipping through the Strait of Hormuz and Iranian exports have also contributed to the forecast.

The bank anticipates that changes in Iran's leadership or significant shifts in its political structure could lead to a cessation of hostilities within one to two weeks. It is also possible that the United States may decide to de-escalate the situation upon observing leadership changes, while simultaneously taking measures to counter Iran's missile and nuclear programs during the same period.

Under a scenario where tensions ease, Citigroup expects oil prices to fall to around $70 per barrel. However, some risk premium is likely to persist before a further decline to approximately $62 per barrel in the second half of the year. The report notes that prolonged domestic or regional conflict in Iran could keep oil prices elevated for an extended period, although this is not considered the base case scenario.