GO
| HSI1 | 23,350.03 | +295.00 | 304.95B |
| HSCEI1 | 7,699.76 | +87.28 | 86.75B |
| Back Zoom + Zoom - Block Traded | |
|
2026-07-03 10:58:16 As disruptions in the Strait of Hormuz fade, fundamentals are rapidly reasserting themselves, with Brent crude prices retreating to around the USD70-per-barrel range, Citi said in a report. Although the US-Iran process remains fragile and disputes over the management rights and transit fees of Hormuz persist, the broker expected the MOU to be maintained and converted into a formal agreement in the coming months, as incentives to de-escalate outweigh the alternative for the US, Iran, and most parts of the Middle East. The broker said shipping traffic is normalizing, Chinese buyers remain absent, the spot crude market has weakened sharply, and inventory drawdowns are far less than expectations. Therefore, it continued to recommend selling into summer rallies and forecast Brent crude prices to retreat to between USD60 and USD65 per barrel before year-end. Citi noted that the crude oil market has in advance priced in the weakening of the immediate supply-demand balance. Even if crude oil lost in 2Q26 only gradually returns in 3Q26, the recovery in supply itself has the potential to exceed improvements in refinery throughput. ~ AASTOCKS Financial News Website: www.aastocks.com | |