EIA Lowers Brent Crude Forecast to $69 per Barrel for 2027

The US Energy Information Administration (EIA) has reduced its forecast for Brent crude oil prices in 2027 to $69 per barrel. This comes as the EIA expects Brent crude's price to average around $85/bbl in the third quarter of 2026, before declining due to the ongoing Middle East conflict.

The agency estimates that crude oil and petroleum liquids transported through the Strait of Hormuz averaged 4.9 million b/d in the second quarter of this year, down from an average of 21.6 million b/d in the fourth quarter of 2025.

The EIA forecasts Brent crude's price to stay elevated this year, amid the ongoing conflict that has turmoiled global markets and sharply reduced vessel movement through the Strait of Hormuz.