CITIGROUP said on Thursday it expects oil to trend lower over the next 6–12 months and reach $60–65/bbl by Q1 2027, citing a US‑Iran memorandum to end their conflict that would normalize shipments through the Strait of Hormuz. The bank added that restoring and normalizing flows via the strait would, over time, "re-anchor prices to weaker fundamentals." Oil slid on Thursday to its lowest level since the Feb. 28 outbreak of war; analysts say exports through the strait, about one-fifth of global su

2026-06-19

CITIGROUP said on Thursday it expects oil to trend lower over the next 6–12 months and reach $60–65/bbl by Q1 2027, citing a US‑Iran memorandum to end their conflict that would normalize shipments through the Strait of Hormuz. The bank added that restoring and normalizing flows via the strait would, over time, "re-anchor prices to weaker fundamentals." Oil slid on Thursday to its lowest level since the Feb. 28 outbreak of war; analysts say exports through the strait, about one-fifth of global supply, could return to normal in the coming months.