Citi Raises Q3 Brent Crude Price Forecast to $80

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Financial institution Citigroup has raised its forecast for the average price of Brent crude in the third quarter to $80 a barrel. According to the institution, this decision is linked to ongoing uncertainty surrounding Iran talks and oil markets' concerns over the supply outlook. Based on a report published by Finance BigGo, the Iran talks remain suspended, keeping the oil market in a tense state. Investors and traders view developments surrounding the talks as a key factor influencing geopolitical risks and the future trajectory of oil prices. Citi's raised forecast indicates that the institution short-term expects concerns stemming from the suspended talks to exert further upward pressure on Brent prices. However, the source report did not provide further details regarding the timing of the resumption of talks, the negotiating parties, or the extent of the change to Citi's previous forecast.