Citi Boosts Q3 Brent Forecast to $80/bbl Amid US-Iran Conflict Talks

Citi's analysts have revised their forecast for Brent crude prices in Q3 to $80 per barrel, up from an earlier estimate of $75/bbl. The bank attributes this increase to prolonged negotiation processes regarding the US-Iran conflict.

Ongoing talks between the two countries have sparked concerns over potential military escalations and a formal agreement. As a result, oil prices have climbed, with Brent crude futures rising 1.4% to $81.79 a barrel and U.S. West Texas Intermediate (WTI) gaining 1.33% to $78.32.

Goldman Sachs also weighed in on the situation earlier this week, projecting that Brent prices will fluctuate between $80 and $90 a barrel until an agreement is reached or military escalations intensify.