{
  "id": 274958,
  "title": "Citi Lifts Brent Outlook but Still Sees Oil Falling in 2027",
  "url": "https://urgent.news/2026/08/07/citi-lifts-brent-outlook-but-still-sees-oil-falling-in-2027",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-07T18:05:14.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Latest-Energy-News/World-News/Citi-Lifts-Brent-Outlook-but-Still-Sees-Oil-Falling-in-2027.html"
  },
  "original_language": "en",
  "account": "Citi has increased its forecast for Q3 Brent crude to $80 per barrel, up from $75, due to ongoing tensions between the U.S. and Iran. The prolonged conflict has contributed to geopolitical risk in oil prices. The bank maintains its fourth-quarter forecast at $70 per barrel and predicts a $65 average for Brent in 2027. Brent futures rose to $83.11, while West Texas Intermediate climbed to $77.80. The price surge occurred after Brent briefly dipped below $80 due to renewed hopes for a Hormuz agreement. This revision contrasts with Citi's earlier bullish predictions in July, when the bank forecast Brent prices falling to $60-$65 by year-end. Current challenges, such as Hormuz's continued constraints, low oil production in the Middle East, and persistent attacks on commercial vessels, have hindered a smooth resolution. Citi's December 2025 outlook had Brent at $62, with a potential downturn to $50 in a bearish scenario or a potential rise to $75 if geopolitical disruptions materialized. However, Brent has remained well above these levels throughout the second quarter. While Goldman Sachs remains skeptical about a drop to Citi's projected fourth-quarter level, Citi's revised forecast hinges on Hormuz traffic resuming.",
  "summary": "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. The bank still expects the conflict to be resolved, but the five-month war has lasted longer than Citi anticipated and kept more geopolitical risk in crude prices. Citi left its fourth-quarter…",
  "key_points": [
    "Citi raises Q3 Brent forecast to $80 per barrel",
    "Still predicts $70 for Q4 and $65 for 2027",
    "Hormuz constraints hinder oil price resolution"
  ],
  "editors_take": null,
  "illustration": "https://urgent.news/ill/274958.png",
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}