US Drivers Face Long-Term Pain at the Pump Amid Iran Crisis
US drivers are bracing for long-term pain at the pump, according to industry analysts. The US Energy Information Administration (EIA) has raised its forecast for average crude prices in 2026 by a whopping 37%, with Brent crude expected to average $79 a barrel.
The EIA also projects that US retail gasoline will average $3.34 a gallon in 2026, up nearly 15% from previous estimates. For 2027, the revised forecasts put global crude prices about 22% higher and US gasoline prices roughly 8.4% higher than previously projected.
Oil futures markets are also indicating that energy costs will remain elevated for years to come. U.S. crude futures have averaged $68.10 a barrel so far this year but are expected to average $85.25 for the remainder of 2026 and $71.35 in 2027, according to LSEG.
Analysts warn that even if tensions ease, it will take time for energy prices to come back down. 'It's going to take time for those prices to come back down,' said Matt Smith, an analyst at Kpler.