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EIA Expects Brent Oil Prices to Stay Above USD95/ Barrel in Next 2 Mths
2026-03-11 09:14:21 The US Energy Information Administration (EIA) said in a monthly report that, due to supply disruptions from the Iran war, Brent oil prices are expected to remain above US$95 per barrel in the next two months. However, the prices should fall below US$80 per barrel in 3Q26 and possibly retreat to around US$70 by the end of the year. The report raised the forecast for Brent oil's annual price by 37% to US$79 per barrel. The Strait of Hormuz, a critical passage for one-fifth of global oil transportation, is currently almost entirely blocking oil shipments, leading to further declines in Middle Eastern oil production in the coming weeks, the EIA added. The report anticipated that the halt in Middle Eastern oil production will gradually ease as transportation resumes, emphasizing that once the Strait of Hormuz resumes oil transportation, global oil output will continue to exceed demand. ~ AASTOCKS Financial News Website: www.aastocks.com | |