The EIA also reduced its oil demand growth estimate for 2026 to -1.97 mbpd from -1.69 mbpd and lowered the 2027 outlook to 2.21 mbpd. Supply data shows about 9.96 mbpd was offline in September, down from 11.14 mbpd in August, while the average 2027 Brent price target is now $83.74.
Tuesday, October 20, 2026
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EIA Raises 2026 Brent Forecast to $98 on Hormuz Disruptions
Commodities14 days ago
Brent crude oil will likely average $105 a barrel in the fourth quarter of this year according to the U.S. Energy Information Administration. The agency revised its average price projection for 2026 upward by 8% to $98 a barrel, citing falling global inventories, tight diesel supplies, and disruptions through the Strait of Hormuz as factors tightening the oil market.
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