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US Department of Energy raises its forecast for the price of barrel of Brent crude oil in 2026 to $95.39

09 June 2026 20:53 (UTC +04:00)

The U.S. Department of Energy has raised its forecast for the average price of Brent crude oil in 2026 by 0.57%, to $95.39 per barrel from $94.85 per barrel, according to a report by the department's Energy Information Administration (EIA), APA reports.

The US Department of Energy forecasts that Brent crude oil prices will average $79.39 per barrel in 2027. They expect that after shipping through the Strait of Hormuz gradually resumes, countries will begin to restore curtailed oil production, causing oil prices to fall to approximately $79 per barrel in 2027.

The average spot price of Brent crude oil in May was $107 per barrel, down $10 from April. "While oil price volatility remains high, prices fell in May amid widespread reports that the United States and Iran are close to an agreement to extend the existing ceasefire and reopen the Strait of Hormuz pending future negotiations. At the time of writing, the agreement has not yet been finalized. Much of the region's oil production remains suspended, and global oil inventories continue to decline to meet demand," the report states.