The U.S. government raised its oil price forecast on Tuesday as the Strait of Hormuz remains closed, and the conflict with Iran continues to drain global inventories.
The U.S. Energy Information Administration now expects Brent crude to average around $85 per barrel through the third quarter of 2026 and $86.81 across the whole year.
Oil Platform. Image Credit: Creative Commons.
Generic Oil Tanker Image. Image Credit: Creative Commons.
The agency estimates that roughly 5.