Brent $71 and WTI near $68 as Hormuz shipping recovers
Business
Brent crude is holding at $71 per barrel, and WTI sits near $68.
Shipping through the Strait of Hormuz (a major oil route) has recovered to almost pre-war levels, thanks to Saudi Arabia boosting supply and ongoing U.S.-Iran talks following a June agreement.
This means global oil flow is looking smoother after months of tension.
Citigroup warns Brent $60-$65 by year-end
With Iran getting a sanctions waiver and the U.A.E. increasing production, oil exports have picked up.
Still, Brent crude is set for its fourth week in a row of price drops, the longest slide since August 2024.
Analysts at Citigroup say prices might dip further to $60 to $65 per barrel by year-end.