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

The US Energy Information Administration has revised its oil price forecasts for the coming years due to supply issues. Global benchmark Brent crude is expected to average approximately $98 a barrel in 2026. Retail diesel prices are projected to remain high initially before gradually declining to around $4.50 in 2027. Improvements in Middle Eastern oil production are anticipated as transit routes become safer and more efficient.