Citigroup has lowered its short-term price forecast for Brent crude to $55, as the US-Iran nuclear protocol is expected to be reached.

Jin10 data reported on May 8th that Citigroup Research on Thursday lowered its three-month forecast for Brent crude oil from the previous estimate of $60 per barrel to $55, due to the resumption of negotiations on the US-Iran nuclear protocol, which increased the likelihood of a final agreement. Citigroup stated that the agreement between the US and Iran could alleviate sanctions due to increased market supply, which could drive Brent crude oil prices down to $50 per barrel. However, if no agreement is reached and actions such as curbing Iran's nuclear program escalate, oil prices could rise to $70 per barrel or higher. Citigroup believes the likelihood of a final agreement is 60%.