Oil Price Trend | The US raises this year's WTI oil price forecast by nearly 19%

The U.S. Energy Information Administration (EIA), a division of the Department of Energy, in its Short-Term Energy Outlook (STEO), expects the New York futures crude oil price in 2026 to be $87.41 per barrel, higher than the previously expected $73.61 per barrel—an increase of about 18.7%; it is expected to be $72.43 in 2027, versus the prior forecast of $60.81.

Middle Eastern countries to shut 9 million barrels per day

On Tuesday, New York futures crude oil prices rose as much as 4.64%, reaching a high of $117.63 per barrel. London Brent crude oil climbed as much as 1.85%, to $111.8 per barrel at one point.

The EIA also projected that the Brent crude oil price in 2026 would be $96 per barrel, compared with the prior forecast of $78.84. The EIA expects the Brent price in 2027 to be $76.09 per barrel, previously expected to be $64.47.

The EIA estimates that U.S. crude oil production in 2026 will average 13.51 million barrels per day, versus the earlier estimate of 13.61 million barrels per day; it forecasts 13.95 million barrels per day in 2027, compared with the prior forecast of 13.83 million barrels per day. It expects global oil demand in 2026 to average 104.6 million barrels per day, down from the earlier forecast of 105.2 million barrels per day, and expects demand in 2027 to average 106.2 million barrels per day, compared with the prior forecast of 106.6 million barrels per day.