Citi has raised its third-quarter Brent crude forecast to $80 per barrel from $75 as the U.S.-Iran war drags on and repeated attempts at a deal fail to restore normal oil flows through the Strait of Hormuz.

Brent crude falls below $79 amid easing US-Iran tensions. New all-time high by September 30 at 3.4% YES.

Fitch Ratings forecasts Brent crude oil falling to $70 per barrel by Q4 2026 as Strait of Hormuz reopens and oversupply returns, reshaping macro