Citigroup cut its oil price outlook to its prior bearish-scenario level, now forecasting $75/bbl in 3Q26 and $70/bbl in 4Q26.

Ship-tracking data show Disha, an LNG tanker trapped in the Persian Gulf for more than three months, is moving toward the Strait of Hormuz. Disha is currently north of the UAE and approaching Oman; it loaded LNG from Qatar’s Ras Laffan facility around March 1 and had been unable to depart until now. The US and Iran say they reached an agreement to reopen the strait, but details remain unclear; owners and traders remain cautious and other shipping activity around the strait appears constrained.

Iran's deputy foreign minister said Iran's military strength and threats helped secure the final text, and that Iran agreed to sign the memorandum of understanding only after its final demands were incorporated.