EIA Boosts Oil Price Forecasts Amid Hormuz Disruptions

The US Energy Information Administration (EIA) has increased its forecast for oil prices in the third quarter of this year, citing ongoing disruptions to oil shipments through the Strait of Hormuz.

The agency raised its prediction for Brent crude oil prices from $81.91 per barrel to $86.81 per barrel, according to Al Jazeera. This is a significant increase and reflects the growing concerns about the impact of Hormuz disruptions on global oil supplies.

The EIA also increased its forecast for West Texas Intermediate (WTI) crude oil prices from $76.26 per barrel to $80.88 per barrel.