Citi expects brent crude to slide towards $60 a barrel by year-end as geopolitical tensions around the Strait of Hormuz ease, Bloomberg reported.
Global energy markets are gradually returning to normal as shipping through the Strait of Hormuz resumes, improving near-term crude supplies after refiners scrambled to secure alternative sources during the conflict. As supply concerns eased, oil prices tumbled, with Brent crude erasing all the gains made during the war after a 30% fall.
