Analysts at Citibank expect Brent crude to trade around current levels of $70-80 a barrel in the very near term as the conflict in the Middle East continues, they said in a note on Monday.

However, the bank maintains its longer term $60-65/bbl oil price forecast.

“At this stage, there is very limited to no impact on oil output and exports, so the rally largely reflects a rising risk premium to account for potential production and export disruptions,” they said.
Source: Reuters