Citibank forecasts drop in oil prices amid Strait of Hormuz supply recovery
Citibank predicts that oil prices will decline to between $60 and $65 per barrel by the beginning of 2027, following the signing of a memorandum of understanding between the United States and Iran to end their hostilities, which allowed oil flows to resume through the Strait of Hormuz. Tankers have begun crossing the strait again, leading to a decrease in global market prices, with the possibility that Iranian exports may return to pre-war levels in the coming months.
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