[Citigroup Expects Iran-U.S. Memorandum of Understanding to Hold, Brent Oil Price at $60-65 by Year-End] According to a report by Golden Finance, Citigroup stated in its July 2 report that the Iran-U.S. Memorandum of Understanding is expected to remain effective in the coming months and eventually evolve into a formal agreement. Analysts including Francesco Martoccia noted that the incentives to de-escalate conflict outweigh the costs of renewed confrontation. They reiterated the recommendation to sell during any summer rallies and predicted that Brent crude oil prices would drop to $60-65 per barrel by year-end. Through this memorandum, Iran has essentially achieved its demands, while the U.S. has secured an acceptable global oil price. As tensions in the Strait of Hormuz gradually subside, fundamentals are recovering rapidly, but the process remains fragile due to ongoing disputes over the management and transit fees of the Strait of Hormuz. (Sina Finance)