Oil price outlook at 80 per barrel

A Reuters survey in August confirms that average oil prices will remain above $80 per barrel throughout 2026, due to shipping disruptions in the Strait of Hormuz and escalating geopolitical risks in the Middle East, despite weak demand from China. Brent crude is expected to reach $85.08, while West Texas Intermediate is projected at $80.20, with ongoing tensions preventing prices from declining further. The market continues to be driven primarily by supply shortages, making the overall trend highly uncertain. Geopolitical risks are weighing on prices amid declining Chinese demand, and the market remains in a structural deficit between supply and demand.

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