Citigroup expects Brent crude price to fall to $60 per barrel by year-end — Bloomberg

NEW YORK, July 3. /TASS/. The price of Brent crude could fall to $60 per barrel by the end of 2026 as the situation in the Strait of Hormuz normalizes, Bloomberg reported, citing Citigroup analysts.

Shipping through the Strait of Hormuz is gradually returning to normal, while the physical oil market has notably weakened, according to the bank’s experts. Analysts recommend using any potential summer rally in prices as an opportunity to sell and forecast that the price of Brent will stand at $60-65 per barrel by the end of the year.

Global energy markets are rapidly stabilizing following the resumption of supplies through the Strait of Hormuz, which is increasing the oil supply, Bloomberg said. Goldman Sachs and Morgan Stanley previously issued similar forecasts, warning of the risk of a supply glut in the global market.