Brent crude peaked at $125‑$126 per barrel, then fell to $100‑$114 as traders reassessed supply risks and demand softness.
Citi attributes a $14 per barrel sell‑off to strategic petroleum reserve releases, high global inventories, and weaker consumption in developing economies.
China cut crude imports by ~2.4 million bpd in April‑May versus a 2025 average of 11.6 million bpd, easing supply pressure.
Citi keeps near‑term bullish view with a 0‑3 month Brent forecast of $120/bbl, Q2 average $110, Q3 $95, Q4 $80, but warns of underpriced Strait risk.