Washington: The U.S. Department of Energy has adjusted its forecast for the average price of benchmark Brent crude oil for 2026, raising it from $55.87 to $57.69 per barrel.

According to Azeri-Press News Agency, the U.S. Energy Information Administration (EIA) has also revised its projection for West Texas Intermediate (WTI) crude oil in 2026, predicting a price of $53.42 per barrel, up from the previous forecast of $52.21. The EIA has further updated its forecasts for the average prices of these oil benchmarks for 2027. The agency now estimates that the average price of Brent crude will be $53 per barrel, a decrease from the previous forecast of $54.02, while WTI is expected to average $49.34 per barrel, down from the earlier prediction of $50.36.

In 2025, the prices of Brent and WTI crude oil were recorded at $69.04 and $65.4 per barrel, respectively. These adjustments reflect the EIA's ongoing efforts to account for changing market conditions and economic factors impacting the oil industry.