The US Energy Information Administration (EIA) raised its oil price forecast for this year and next year, as global stockpiles fall rapidly and diesel markets remain tight due to the ongoing Iran war, Reuters reports.
Global benchmark Brent crude is now expected to average about $98 a barrel in 2026, up 8 per cent from the EIA’s previous forecast, the agency said in its Short-Term Energy Outlook.
Oil and fuel prices have risen dramatically due to the US-Israeli war on Iran, which in turn has disrupted oil flows through the Strait of Hormuz, which carried about 20pc of global oil supplies before the war.
