Washington: The US Department of Energy has revised its forecast for the average price of Brent crude oil for 2026, predicting an increase from $78.84 to $96, marking a 21.8% rise. Similarly, West Texas Intermediate (WTI) oil is expected to see an increase, with the new forecast set at $87.41, up from $73.61, representing an 18.7% rise.

According to Azeri-Press News Agency, the Energy Information Administration (EIA) has also updated its predictions for 2027. The average price of Brent crude is now projected to be $76.09 per barrel, a substantial rise from the previous estimate of $64.47, an 18% increase. Meanwhile, WTI is expected to reach $72.43, up from the earlier forecast of $60.81, showing a 19.1% increase.

In 2025, the prices for Brent and WTI crude stood at $69.04 and $65.4, respectively. The recent adjustments reflect the EIA's assessment of market conditions and potential influences on oil prices in the coming years.