11:26 - 3.07.2026

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July 3, Fineko/abc.az. Following the temporary peace agreement signed between the US and Iran, oil shipments in the Persian Gulf have begun to normalize. With tankers once again passing through the Strait of Hormuz, Saudi Arabia's crude oil exports have approached pre-war levels. Over a six-day period, the country shipped an average of 6.3 million barrels of oil per day, which is roughly equal to its 2025 average.

Key Points and Expectations:

Trump's Statement: US President Donald Trump stated that negotiations with Iran are ongoing and that Tehran has agreed to almost all conditions. Trump emphasized that their goal is not regime change, but solely to prevent Iran from acquiring nuclear weapons.

Citigroup's Forecast: Bank analysts expect the US-Iran memorandum of understanding to transform into an official agreement in the coming months. Experts recommend using any spike in oil prices during the summer months as an opportunity to sell.

Price Target: Grounding their forecast on the premise that incentives to de-escalate the conflict outweigh the costs of a new confrontation, Citi analysts predict that Brent crude will decline to $60–$65 per barrel by the end of the year.