Commodities
EIA Boosts Oil Price Forecasts Amid Middle East Supply Disruptions
The U.S. Energy Information Administration (EIA) has increased its oil price forecasts for 2026 and 2027 due to a significant drop in global stockpiles caused by Middle Eastern supply losses.
The EIA expects Brent crude oil to average around $91 per barrel this year, marking a nearly 5% increase from its previous forecast. U.S. West Texas Intermediate (WTI) crude prices are projected to average $84.65 per barrel this year, also up nearly 5%.
The agency finalized its forecast inputs on September 3, before the latest escalation in Middle East tensions. The U.S. and Iran have exchanged attacks on shipping and energy infrastructure since last weekend, pushing Brent crude prices above $100 per barrel.