[Citigroup: Hormuz Disruption Fades, Oil Prices May Drop to $60 by Year-End] BlockBeats News, July 3 — Citigroup has revised its oil price forecast for the year to a lower range, citing the rapid dissipation of disruptions caused by geopolitical conflicts as transportation through the Strait of Hormuz resumes. The market is expected to return to being driven by supply and demand fundamentals. In a report, Citigroup analysts led by Francesco Martoccia stated: 'As the Hormuz disruptions fade, fundamentals are quickly reasserting dominance. Shipping flows are normalizing, major buyers remain absent from the market, the physical crude oil market has significantly weakened, and inventory declines are far below expectations.' Based on this assessment, Citigroup predicts that Brent crude oil prices could fall back to around $60 per barrel by the end of the year and recommends selling during the summer rebound, targeting a range of $60 to $65 per barrel.