Oil Prices Projected to Average $91.01 Per Barrel in 2026

The U.S. Energy Information Administration (EIA) has released its latest short-term energy outlook, which sees oil prices averaging $91.01 per barrel in 2026. This represents a significant increase from last year's average of $69.04 per barrel, with the EIA projecting that Brent spot prices will drop to an average of $73.74 per barrel by 2027.

The quarterly breakdown included in the report shows that oil prices are expected to fluctuate throughout the next few years, with an average price of $89.11 per barrel in the third quarter of this year and $63.94 per barrel in the fourth quarter of 2026.

The EIA attributes these projections to ongoing disruptions in global crude oil production, including attacks on Saudi Arabia's oil exports through the Bab el-Mandeb strait. The administration expects these policies to restrict Iran's oil exports and reduce its oil production, leading to a sustained increase in oil prices until 2027.