BAKU, Azerbaijan, November 11. The U.S. Department of Energy has raised its forecast for the average price of Brent crude oil in 2026 by 1.2%, from $96.32 to $97.44 per barrel.
This is according to a report by the U.S. Energy Information Administration (EIA), which operates under the Department of Energy.
According to the report, oil prices increased for the third consecutive month in October. The rise was driven by declining global inventories, attacks on oil tankers in the Persian Gulf, limited maritime shipping capacity, and higher transportation costs. Combined, these factors contributed to a reduction in global oil supplies.
The department expects Brent spot prices to remain at around $100 per barrel through the end of the year if current market conditions persist.
According to the EIA's forecast, the average price of Brent crude oil will reach $85.78 per barrel in 2027.
