EIA Boosts Oil Price Forecasts Amid Iran War-Driven Stockpile Decline

The US Energy Information Administration (EIA) has raised its oil price forecasts for this year and next, citing the ongoing Iran war as a significant contributor to global stockpile depletion.

Global oil inventories have fallen by approximately 400 million barrels so far this year, with a further drop expected through the end of 2026. The EIA attributes this decline to the loss of Middle Eastern supply due to the conflict in Iran.

The agency now expects global benchmark Brent crude oil prices to average around $91 per barrel in the spot market this year, representing a nearly 5% increase from its previous forecast.

US West Texas Intermediate crude prices are also expected to rise, averaging about $84.65 per barrel this year, another near-5% hike from its prior forecast.