Citi Raises Q3 Brent Forecast to $80 Amid Slow Iran Nuclear Talks

Citi has increased its third-quarter Brent crude oil price forecast to $80 per barrel, up from $75, citing the prolonged U.S.-Iran nuclear negotiations as the primary factor. The bank's analysts, as reported by Reuters, maintain confidence that a deal will ultimately be reached, but the extended timeline has prompted a higher near-term price assumption. This adjustment reflects the market's sensitivity to geopolitical developments and their impact on oil supply expectations. The revision was announced on Friday, with the bank's outlook now aligning with a more cautious view of the negotiations' progress. Citi's decision underscores the ongoing uncertainty surrounding the talks and its implications for global oil prices.