**Oil Prices Stabilize as Analysts Downplay Immediate Geopolitical Tensions**

Recent fluctuations in oil prices have eased, with Brent crude previously nearing $80 per barrel amidst speculation of potential Israeli strikes on Iran's oil infrastructure. However, despite the volatility, new insights suggest that the likelihood of imminent geopolitical disruptions affecting oil supply remains low.

Iran, a significant player in the global oil market and a founding member of OPEC, produces over 3 million barrels of crude oil per day. The White House had urged restraint against targeting Iran's critical oil and nuclear facilities, which contributed to the market's initial concern.

In light of Israel's recent military actions against Iran, Citi analysts have reassured the market by stating that an escalation in geopolitical tensions significant enough to impact oil supply is not expected. This assessment has led them to adjust their Brent oil price forecast downward, from $74 to $70 per barrel for the final quarter of the year.

With the reduced risk of supply interruptions from Iran, the market's primary focus is now shifting towards OPEC's future decisions on oil production. The organization, having previously postponed changes, is scheduled to commence unwinding production output in December. This move by OPEC will likely be the next major factor influencing oil prices.