Aug 7 (Reuters) – Citi on Friday said it still expects a resolution to the U.S.-Iran conflict, but the prolonged back-and-forth in dealmaking has prompted it to raise its third-quarter average Brent crude forecast to $80 a barrel from $75/bbl previously.
Citi maintained its fourth quarter 2026 and full year 2027 average Brent forecasts at $70/bbl and $65/bbl, respectively.
Oil prices climbed on U.S. job losses reported by the U.S. federal government and worries over talks between Iranian and U.S. negotiators to end fighting that has lasted five months.
Brent crude futures were up $1.18, or 1.4% at $81.79 a barrel at 1557 GMT. U.S. West Texas Intermediate futures rose $1.03, or 1.33%, to $78.32. [O/R]
Earlier this week, Goldman Sachs said it expects Brent to remain in an $80-$90/bbl range until there is either confirmation of a new U.S.-Iran nuclear deal or a significant escalation in attacks.
(Reporting by Anjana Anil in Bengaluru; Editing by Nia Williams, Kirsten Donovan)
Comments