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Citi Says Oil May Slump to $60 as the Hormuz Shock Fades Away

Citi Says Oil May Slump to $60 as the Hormuz Shock Fades Away
Bloomberg Markets Friday 03 July 2026, 05:26 UTC By Jake Lloyd-Smith 1 min read
Key Points

Commodities Citi Says Oil May Slump to $60 as the Hormuz Shock Fades Away Brent oil could extend declines to $60 a barrel by year-end as disruptions in the Strait of Hormuz ease, according to Citigroup Inc., adding to a chorus of bearish outlooks for the global crude market. “Fundamentals are rapidly reasserting themselves as Hormuz disruptions fade,” Citigroup Inc. analysts including Francesco Martoccia said in a note. “Shipping flows are normalizing, Chinese buyers remain absent, physical...

Commodities Citi Says Oil May Slump to $60 as the Hormuz Shock Fades Away Brent oil could extend declines to $60 a barrel by year-end as disruptions in the Strait of Hormuz ease, according to Citigroup Inc., adding to a chorus of bearish outlooks for the global crude market. “Fundamentals are rapidly reasserting themselves as Hormuz disruptions fade,” Citigroup Inc. analysts including Francesco Martoccia said in a note. “Shipping flows are normalizing, Chinese buyers remain absent, physical crude markets have weakened sharply, and inventories have drawn far less than expected.”
Citi (ORG) the Hormuz Shock Fades Away Commodities Citi (ORG) the Hormuz Shock Fades Away Brent (ORG) the Strait of Hormuz (LOCATION) Citigroup Inc. (ORG) Hormuz (LOCATION) Francesco Martoccia (PERSON) Chinese (ORG)
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