The US Department of Energy has again raised its forecast for Brent crude prices in 2026. According to the monthly outlook from the Energy Information Administration (EIA), the expected average price has been revised up to $96.32 per barrel from $91.01.
The EIA said it lifted its global oil price outlook despite an expected increase in oil production and supplies from the Middle East. It now expects Brent spot prices to average $105 per barrel in the fourth quarter, which is $14 higher than in the previous monthly report.
The agency estimated that Brent averaged $114 per barrel in September. That was $23 above the August level.
According to the EIA, attacks on the East-West pipeline in Saudi Arabia point to a continued risk of disruptions to physical supply and ongoing oil price volatility against a backdrop of falling global inventories.
The report also said prices are facing added pressure from extremely tight conditions in the diesel market, which is boosting demand for crude from refineries seeking to meet fuel demand. The EIA also sharply increased its Brent forecast for 2027, raising it from $73.74 to $83.74 per barrel.
