Geopolitics Buoys Oil, But Summer Peace Deals Could Drag Brent Lower: Citi

• Oil prices remain supported by geopolitical tensions and tighter sanctions enforcement, keeping supply constrained.
• Brent crude rallied from $60 to nearly $70 per barrel due to stricter US sanctions on Russian and Iranian oil.
• Citi forecasts potential peace deals involving Russia and Iran by summer could push Brent prices down to $60-$62 per barrel.
• The EU proposed extending sanctions against Russia to include ports in Georgia and Indonesia handling Russian oil.
• OPEC+ may increase output from spare capacity if Russian supply disruptions keep Brent in the $65-$70 range.