US EIA raises Brent crude forecast to $98 on Iran tensions, supply squeeze
The US Energy Information Administration has revised its crude oil price forecasts for coming years, citing tightening global supplies. Brent crude, the global benchmark, is expected to average around $98 per barrel in 2026, reflecting supply pressures in the Middle East.
Retail diesel prices are projected to remain elevated initially before gradually declining to approximately $4.50 per barrel by 2027. The EIA anticipates improvements in Middle Eastern oil production as transit routes become safer and more efficient, potentially easing supply constraints.
