Oil heads for a fourth straight weekly loss as Citi sees Brent at $60

Crude is on track for its fourth consecutive weekly drop as Hormuz flows trickle back, with Citi telling clients Brent could sink to $60 by year-end if the lane normalizes. The same desks that called for $150 at the peak of the blockade are now calling for sub-$70. The barrel that priced in a war is pricing in its absence — faster than the drained inventories, the rerouted cargoes, or the new overland pipelines can unwind. Sats per barrel fell with it. Oil is a bet on the chokepoint staying shut. The chokepoint is open.