The U.S. Department of Energy has increased its forecast for the average price of benchmark Brent crude oil for 2026 from $57.69 to $78.84 (+36.7%), APA-Economics reports, citing a report by the Energy Information Administration (EIA) of the U.S. Department of Energy.
The price of WTI (West Texas Intermediate) crude is expected to be $73.61 in 2026 (previous forecast – $53.42, increase – 37.8%).
“After the start of military operations in the Middle East, the spot price of Brent crude oil rose sharply. On March 9, the price of Brent oil stood at $94 per barrel, which is about 50% higher since the beginning of the year and the highest level since September 2023. Crude oil prices have increased amid a decline in oil shipments through the Strait of Hormuz and the suspension of oil production in some cases in the Middle East,” the report said.
At the same time, the EIA has updated its forecast for the average prices of the mentioned oil benchmarks for 2027. According to the agency’s estimates, next year the average price of Brent will be $64.47 per barrel (previous forecast – $53), while WTI is expected to average $60.81 per barrel (previous forecast – $49.34).
It is noted that in 2025, the prices of Brent and WTI crude oil amounted to $69.04 and $65.4, respectively.
