Oil prices are expected to remain volatile as uncertainty looms over a potential U.S.-Iran agreement, according to Max Layton, Global Head of Commodities Research at Citigroup. Layton highlighted the difficulty in predicting whether a deal will be reached, noting that market fluctuations are driven by news in such uncertain environments. Crude oil prices have declined for three consecutive days, partly due to market hopes for negotiations between the two sides. Additionally, logistical challenges persist in the Middle East, with shipment delays at a key crude terminal in Oman affecting deliveries. Despite these issues, Layton pointed out that the global physical crude oil market has a substantial buffer stock of 700 to 800 million barrels, which is being drawn down gradually. Citigroup recently adjusted its Brent crude price forecast to $110 per barrel, reflecting ongoing geopolitical tensions and the delayed reopening of the Strait of Hormuz.