Commodities
Citi Ups Q3 Brent Forecast to $86 on Prolonged Hormuz Closure
Citi has raised its third-quarter Brent crude oil price forecast to $86 per barrel from an earlier estimate of $80 per barrel.
The bank attributed this revision to a longer-than-expected closure of the Strait of Hormuz, which has affected global oil supplies.
Citi expects Iran's economy to be under pressure to reopen the strait, given its sharp currency decline and lost oil revenue in recent weeks.
The bank maintains its fourth-quarter 2026 and 2027 Brent price forecasts at $70 per barrel and $65 per barrel, respectively.