Commodities
EIA Boosts Oil Price Forecasts Amid Ongoing Strait of Hormuz Disruptions
The US Energy Information Administration (EIA) has revised its oil price forecasts upward due to ongoing restrictions on Strait of Hormuz oil shipments.
In a significant update, the EIA now expects an average Brent crude oil price of $86.81 per barrel for the third quarter of 2026, up from its previous forecast of $81.91.
The agency has also increased its estimate for West Texas Intermediate (WTI) crude oil prices to $80.88 per barrel, surpassing last month's prediction of $76.26.
Looking ahead to next year, the EIA forecasts an average price of $69.39 per barrel for Brent crude and $65.39 per barrel for WTI.