Citi says Brent crude prices could rise to this level in a prolonged Iran conflict in Oil & Companies News 23/03/2026 Hopes for a quick resolution to the Iran war were dialed back this week once energy infrastructure sites across the Middle East became targets, according to analysts at Citi. In a note, the analysts including Alex Saunders and Dirk Willer added that Citi’s commodities strategy team has “become incrementally bullish,” seeing “more upside” in Brent crude futures, the global oil price benchmark. The Citi analysts now expect Brent to move higher in the $110 to $120 a barrel range, assuming oil flow disruptions caused by attacks on energy production locations last for another four to six weeks. They also assign a 30% probability to a scenario in which Brent climbs to $150 a barrel should “further attacks on energy infrastructure” damage supply over the longer term or the Strait of Hormuz — a vital waterway south of Iran — remain effectively closed through June. On Friday, Brent crude futures were last hovering around $108 a barrel. The contract spiked to roughly $119 per barrel earlier this week, following Israeli attack on South Pars, the Iranian sector of the world’s largest gas deposit. Tehran later retaliated with strikes of its own on Middle East gas production facilities, including a major site in Qatar. The exchange of bombardments on major energy infrastructure has fueled fears that, even if the U.S. and its allies are successful in attempts to reopen shipping lanes through the Strait of Hormuz south of Iran, supply disruptions will stay in place over the long term. Qatar, whose major natural gas production facility Ras Laffan was hit by Iranian strikes, has said that its export capacity has been reduced by 17% and will take as many as five years to repair. The country is major gas exporter, especially to Europe, where the regional natural gas benchmark has surged and driven worries over a spike in inflation. The New York Times reported that Iran has continued to launch retaliatory strikes, with countries around the Middle East allied with the U.S. saying they were facing incoming drones and missiles. The paper added that Israel had targeted Tehran after missile alarms were set off in Jerusalem and northern Israel overnight. In a statement cited by the Wall Street Journal, Iranian Supreme Leader Mojtaba Khamenei said “safety must be taken away from our domestic and foreign enemies and given to our people.” It was a message of defiance from Khamenei, the son of slain former leader Ali Khamenei, and came as Israel has been systematically targeting members of Iran’s ruling regime in a bid to bring about its collapse. Meanwhile, Israeli Prime Minister Benjamin Netanyahu confirmed that U.S. President Donald Trump had asked Israel to hold off on future attacks on Iranian energy infrastructure. With Saudi Arabia warned that oil may climb to greater than $180 a barrel if the conflict does not end by April, the White House has been racing to quell jittery markets. U.S. Treasury Secretary Scott Bessent has suggested that Washington could release more emergency oil reserves and even lift sanctions on some Iranian crude exports to help ease supply constraints. Washington and its allies have also been escalating a battle to reopen the Strait of Hormuz, the Wall Street Journal reported, citing American military officials. Should the danger of Iranian attacks on vessels traversing the strait be lessened, U.S. warships may reportedly