EIA Predicts Brent Crude Prices to Hit $85 in Q3 2026
The US Energy Information Administration (EIA) has released its August Short-Term Energy Outlook, which forecasts Brent crude oil prices to remain elevated at around $85 per barrel in the third quarter of 2026.
This is due to continued restrictions on oil shipments through the Strait of Hormuz, which the EIA expects will keep global oil inventories under pressure in the coming months.
The agency has raised its estimate of Middle East crude oil production disruptions compared with its July forecast, and most crude oil production in the region is expected to return to near pre-conflict levels in early 2027.
However, disruptions of about 0.6 million barrels per day are still expected through the end of next year, leading the EIA to forecast Brent prices to fall to an average of $69 per barrel in 2027.