Washington: The US Department of Energy has sharply revised its forecast for the average price of benchmark Brent crude oil in 2026, reducing it from $95.39 to $81.91 per barrel. This development was reported by APA-Economics, citing a report from the US Energy Information Administration (EIA).

According to Azeri-Press News Agency, the EIA also adjusted its expectations for West Texas Intermediate (WTI) crude oil, predicting an average price of $76.26 per barrel in 2026, down from the previous forecast of $88.32. Furthermore, the agency has provided updated forecasts for 2027, with Brent crude expected to average $64.76 per barrel, a decrease from the earlier estimate of $79.39. Similarly, WTI is anticipated to average $60.76 per barrel, compared to the previous forecast of $74.39.

The report additionally highlights that in 2025, the average prices for Brent and WTI crude oil were $69.04 and $65.4 per barrel, respectively.