Citi revises Q3 2026 Brent forecast to $80/bbl
XLE•Citi raises third-quarter Brent forecast
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 move higher on Iran talks and U.S. job losses
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 LCOc1 were up $1.18, or 1.4%, at $81.79 a barrel at 1557 GMT. U.S. West Texas Intermediate futures CLc1 rose $1.03, or 1.33%, to $78.32.
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.
