EIA Raises Crude Price Forecast Amid Strait of Hormuz Disruptions

The US Energy Information Administration (EIA) has revised its crude oil price forecast for the third quarter, anticipating continued disruptions to oil shipments through the Strait of Hormuz.

Brent crude is expected to average $86.81 per barrel this year, up from a previous forecast of $81.91, while West Texas Intermediate (WTI) crude is projected to average $80.88 per barrel, compared with its previous forecast of $76.26.

Oil flows through the Strait of Hormuz have fallen by more than 77% to 4.9 million bpd in the second quarter of this year, from 21.6 million bpd in the fourth quarter of last year.