Oil's post-conflict reset dominated the week: research broadly sees crude prices past their peak as the US-Iran deal normalizes Gulf flows.
Multiple analysts pointed to Brent settling near $70–72 after the ceasefire, with the Strait of Hormuz reopening, UAE and Saudi exports rebounding, and Iranian offshore barrels returning to market. Several forecasters cut inflation projections on the back of it, and one strategic view sees Brent drifting toward $60 by year-end as glut conditions reassert. Longer-dated calls cluster around $70 Brent and $65 WTI by end-2027, citing OPEC+ easing, a possible Iran embargo lift, and slowing transport demand from EV adoption.
Not everyone is bearish. A contrarian thread argues current prices understate physical tightness — low inventories, summer travel demand, and potential reserve rebuilding — targeting Brent back to $80 into year-end. Refined products stand out: gasoline and diesel cracks remain near record highs, with diesel spreads around $60/bbl on Middle East and Russian refinery constraints, and speculative positioning not yet crowded.