Citigroup: Strait of Hormuz disturbance subsides, Brent crude may fall to $60 by the end of the year

On July 3rd, Citigroup analyst Francesco Martoccia stated that with the resumption of transportation in the Strait of Hormuz and the easing of geopolitical tensions, the market is dominated by supply and demand fundamentals. Citigroup expects Brent crude oil prices to fall to around $60 by the end of the year and recommends selling during the summer rebound, with a target range of $60 to $65.