The US Department of Energy has sharply raised its forecast for Brent crude oil prices for 2026, from $81.91 to $86.81 per barrel, amid the renewed blockade of the Strait of Hormuz, according to data from the department's monthly forecast by the Energy Information Administration (EIA).
The agency notes that after the signing of a memorandum between the US and Iran, spot Brent prices trended downward, reaching $69 per barrel on July 2. However, volatility intensified at the end of the month due to attacks on tankers in the Strait of Hormuz and the renewal of its blockade. The highest price was reached on July 23, at $105 per barrel.
"We forecast that the Brent spot price will average about $85 per barrel in the third quarter, which is $11 per barrel higher than in last month's forecast. After a gradual increase in traffic through the Strait of Hormuz and the resumption of operations at suspended oil production facilities, we forecast that oil prices will begin to fall and average $78 per barrel by the fourth quarter," the report said.
At the same time, the forecast for Brent prices in 2027 was also sharply raised, from $64.76 to $69.39 per barrel.