Houston — Brent oil prices are set to remain above $95 a barrel over the next two months as conflict in the Middle East rages on, the Energy Information Administration said on Tuesday in its monthly short term energy outlook report.
Brent crude futures will then fall below $80 a barrel in the third quarter of 2026, before slipping to around $70 by the end of the year.
The effective closure of the critical chokepoint, the Strait of Hormuz, through which a fifth of global oil flows every day, will cause Mideast oil output to fall further in the coming weeks.
Those production shut-ins will gradually ease as transit resumes, the EIA added.
*Georgina McCartney & Arathy Somasekhar; editing: Chizu Nomiyama – Reuters
This article was originally posted at sweetcrudereports.com
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