Oil Prices Set to Rise Amid Middle East Supply Disruptions

A Reuters poll of 31 economists and analysts forecasts that oil prices will rise further in 2026 due to ongoing supply disruptions in the Middle East. The Strait of Hormuz, a critical waterway for global crude oil and natural gas supplies, has seen sharply reduced traffic since late February's U.S.-Iran conflict began.

Analysts expect Brent crude to average $85.22 a barrel in 2026, up from June's forecast of $84.50. U.S. crude is projected to average $80.14 a barrel, compared with June's estimate of $79.49.

The poll showed that oil demand growth in 2026 will decline by approximately 500,000 barrels per day (bpd) to 1.6 million bpd. Supply deficit estimates for the year range from 1 million bpd to 2.6 million bpd.