EIA Revises Oil Price Projections
The U.S. Energy Information Administration has raised its forecast for oil prices in 2026, expecting the average Brent price to reach around $91 per barrel, representing an increase of nearly 5% from previous expectations. This rise is attributed to the rapid decline in global inventories resulting from decreased supply from the Middle East due to the Iranian conflict. The agency also projected that West Texas Intermediate (WTI) will reach $84.65 per barrel, amid continued decreases in production and shutdowns linked to security tensions. In August, the region's halted oil production amounted to 6.7 million barrels per day, with levels expected to remain high until the second quarter of the next year. Market conditions are witnessing a rise in oil prices driven by escalations in the US-Iran conflict and growing concerns over disruptions to the global oil supply.
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