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Citi: US-Iran Talks Deadlock May Push Oil Prices Higher; Maintains 3-Month Brent Oil Forecast at USD120 per Barrel
Citi stated that if US-Iran negotiations continue to remain deadlocked, oil prices may rise further. However, its base case scenario remains that the turmoil in the Strait of Hormu...
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Citi: US-Iran Talks Deadlock May Push Oil Prices Higher; Maintains 3-Month Brent Oil Forecast at USD120 per Barrel
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Citi stated that if US-Iran negotiations continue to remain deadlocked, oil prices may rise further. However, its base case scenario remains that the turmoil in the Strait of Hormuz will ease by end-May. It currently maintains its forecast for Brent oil prices at USD120 per barrel over the next three months, with an average price of USD110 per barrel in 2Q26, falling to USD95 per barrel in 3Q26 and further declining to USD80 per barrel in 4Q26.

Citi noted that declining inventories, releases from strategic petroleum reserves, reduced imports by China, weak demand, and intermittent signs of easing tensions would all help mitigate the impact of rising oil prices. Overall, however, the difficulty in reaching a US-Iran agreement still increases short-term upside risks to oil prices. (mn/da)

Related News JPM: China-US Leaders' Summit May Reach Framework for Further Talks; Focus on Chip, Agricultural, Aircraft and Crude Oil Deals

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