Citibank predicts that Iran and the United States are expected to maintain a memorandum of understanding, and Brent oil prices are expected to be between 60-65 US dollars by the end of the year.

The report by Citigroup on July 2nd stated that the U.S.-Iran memorandum of understanding is expected to continue to be effective in the coming months and will eventually be transformed into a formal agreement. Analysts such as Francesco Martoccia pointed out that the drive to de-escalate war outweighs the cost of re-confrontation. It is reiterated to sell during any summer rally and predict Brent crude oil prices will fall to $60-65 per barrel by the end of the year. Through this memorandum of understanding, Iran has essentially achieved its demands, while the United States has obtained a globally acceptable oil price. As the situation in the Strait of Hormuz gradually calms down, the fundamentals are rapidly recovering, but the process is still fragile due to the ongoing disputes over ownership and tolls in the Strait of Hormuz.