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Citi on Monday cut its average Brent crude forecasts to $75 and $70 per barrel for the third and fourth quarters of 2026, respectively, citing expectations that the Strait of Hormuz trade flows will resume and normalize after the U.S. and Iran approved a memorandum of understanding to end the war in the Gulf. The bank also lowered its 2027 Brent forecast to $65 per barrel from $80 previously, shifting its outlook toward what had been its bear-case scenario, it said in a note. Citi said its [Read more]

U.S. President Donald Trump on Monday said an agreement with Iran has been signed and that the text of the deal would be released sometime after a formal signing on Friday, adding that the Strait of Hormuz would also be fully open. Speaking alongside French President Emmanuel Macron ahead of this week's G7 meeting, Trump said he did not know if he would attend the Friday ceremony expected in Geneva, but that U.S. Vice President JD Vance would be there. "The deal's all signed. And the strait is [Read more]

U.S. Vice President JD Vance said on Monday that he hopes text of an agreement to halt the war in Iran and open the Strait of Hormuz will be released this week, as further negotiations over the deal's details were set to continue. In an interview on CNBC, Vance also said the United States expects the economically vital waterway would be open without tolls on a long-term basis. "Our expectation is that the Strait is going to be opened in a toll-free way for the long-term," he [Read more]

U.S. President Donald Trump said on Monday that many ships loaded with oil are starting to move out of the Strait of Hormuz. "Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz. They are going along the Southern 'Highway,' which is totally safe, secure, and pristine," he wrote in a Truth Social post. (Reporting by Susan Heavey and Katharine Jackson) [Read more]

Ensuring the Strait of Hormuz is safe from mines could delay a return to normal shipping traffic by weeks following a deal to reopen the waterway, shipping and maritime security sources say. The operation by conventional minesweepers and state-of-the-art underwater drones could continue for 40 to 50 days before many insurance, shipping or oil companies are confident enough to sail through, according to assessments from five Western maritime security sources. That could potentially hold up [Read more]