Commodities
EIA Raises Oil Price Forecasts on Improved Middle East Supply
The U.S. Energy Information Administration (EIA) has released its latest Short-Term Energy Outlook (STEO) report, which includes significantly higher oil price forecasts for 2026 and 2027.
The EIA raised its 2026 average WTI price forecast to $84.65 per barrel from $80.88, while its Brent forecast was increased to $91.01 from $86.81.
Oil production in the Middle East is expected to increase as flows through the Strait of Hormuz gradually recover, with some export constraints persisting through the end of 2026.