Oil prices may increase as Iran's conflict impacts reserves
The U.S. Energy Information Administration anticipated higher oil prices this year and next, as global inventories decline due to deteriorating supplies from the Middle East caused by the Iranian conflict. The agency expects the average price of Brent crude to be around $91 per barrel and West Texas Intermediate approximately $84.65, representing an increase of nearly 5% from previous forecasts. This outlook was made before the recent escalation of tensions in the region, which pushed prices above $100 per barrel for Brent.
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