Crude oil stays volatile as Iran deal hopes, OPEC+ output plans keep markets on edge

Brent crude prices remained volatile this week, falling nearly 4% amid hopes of a possible Iran deal and concerns around the Strait of Hormuz. Markets are closely watching the OPEC+ meeting on June 7, where key producers may raise July output. Despite recent weakness, major institutions including Goldman Sachs, JPMorgan and Barclays expect oil prices to remain elevated, with Brent forecasts largely ranging between $85 and $105 per barrel in 2026 due to tighter inventories and supply risks.