EIA hikes oil price forecast

The U.S. Energy Information Administration has revised upward its forecasts for oil prices this year and next, citing the rapid decline in global inventories caused by reduced supplies from the Middle East due to the Iran conflict. The report anticipates that Brent crude may reach around $91 per barrel this year, an increase of nearly 5% from previous estimates. It also forecasts that West Texas Intermediate (WTI) could be about $84.65 per barrel. The recent Israeli-Iranian escalation has led to an outage of approximately 6.7 million barrels per day of oil production in the Middle East, with expectations that the stoppage could rise to 5.7 million barrels daily during the fourth quarter of the year. However, it is not expected that production will return to pre-conflict levels before the second quarter of next year.

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