US EIA lifts Brent forecast to $98 as Iran war tightens global supplies

The US Energy Information Administration has revised its forecast for Brent crude oil prices, predicting an average of $98 a barrel in 2026. This increase is largely due to ongoing supply issues, including the Iran war, which has tightened global oil supplies. As a result, the forecast suggests that retail diesel prices will remain high in the near term, but are expected to decline to around $4.50 in 2027.

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The US Energy Information Administration has revised its oil price forecasts upward due to supply issues. This could lead to higher oil prices and increased volatility in the energy market.

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