US EIA hikes oil price forecasts as Iran war drains global stockpile
XLE•EIA raises oil price forecasts
NEW YORK, Sept 9 (Reuters) - The U.S. Energy Information Administration on Wednesday raised its oil price forecasts for this year and next year, as global stockpiles fall rapidly under pressure from the loss of Middle Eastern supply in the ongoing Iran war.
The EIA said it now expects global benchmark Brent crude oil prices to average about $91 a barrel in the spot market this year, a nearly 5% increase to its prior forecast for 2026. U.S. West Texas Intermediate crude prices are now expected to average $84.65 a barrel this year, the EIA said, also a nearly 5% hike from its prior forecast.
Forecasts predate latest Middle East escalation
The report was finalized on September 3, before the latest escalation of tensions in the Middle East. The U.S. and Iran have traded a series of attacks on shipping and energy infrastructure in the Middle East since the past weekend, pushing Brent crude oil prices to over $100 a barrel on Wednesday. O/R
