Citi Sees Oil ‘Moving Around Like Crazy’ in Hope-and-Fear Dance

Oil prices will continue to fluctuate wildly until it’s clear whether Iran and President Donald Trump will strike an agreement to end the war, according to Citigroup Inc.’s global head of commodities research.

“It’s very difficult to predict” if Iran is going to do a deal, Citigroup’s Max Layton said Thursday on Bloomberg Television’s Surveillance. “In that environment where you basically don’t know if there’s going to be a deal or not — very difficult to predict with this new leadership in Iran — you know you’re going to be subject to news and you’re going to be moving around like crazy.”