Analysts at Citi predict Brent Crude prices could reach $70 per barrel in the next three months due to geopolitical risks, up from $65 previously. The market is already trading above $66 per barrel, factoring in the potential for a U.S. strike on Iran and supply disruptions. Despite increased risks in Iran and Russia, Citi notes the market remains oversupplied, advising investors to sell if prices exceed $70. While protests in Iran continue, the main oil-producing regions remain unaffected, reducing the risk of immediate supply disruptions. Citi emphasizes political and logistical frictions over direct outages, maintaining Iranian crude supply. The bank suggests that any rally above $70 in Brent prices would be short-lived, as market balances are expected to loosen in the first half of the year.

Read more at Yahoo Finance: Citi Sees $70 Brent in Near Term as Geopolitical Risks Mount