Citigroup lowers Brent crude outlook after US-Iran deal

Citigroup has lowered its forecasts for Brent crude oil prices to $75 per barrel in the third quarter of 2026 and $70 in the fourth quarter, following the signing of a memorandum of understanding between the United States and Iran to end the war. This development increases the likelihood of a normal resumption of oil flows through the Strait of Hormuz by mid to late July. The bank also revised its 2027 forecast downward to $65 per barrel from its previous estimate of $80, noting that the market does not yet see a full return of those flows. Meanwhile, the bank raised its forecast for gold prices to $4,500 per ounce over the next three months and to $70 for silver, with continued expectations that gold will rise to $5,000 within six to twelve months.

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