Citi increased its Q3 2026 Brent crude outlook from $75 to $80 a barrel, attributing the adjustment to the protracted US-Iran negotiations. The bank maintains confidence that a deal will eventually be reached but noted the delay warrants a higher near-term price assumption. For Q4 2026 and full-year 2027, Citi kept its average Brent price targets at $70 and $65 a barrel, respectively. Earlier in the week, Goldman Sachs also indicated it sees Brent holding between $80 and $90 a barrel without a clear catalyst.