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EIA sees Brent easing after 2026 as Middle East supply recovers

The U.S. Energy Information Administration (EIA) said Brent crude spot prices surged after supply disruptions linked to the closure of the Strait of Hormuz, hitting $138 a barrel on April 7 and averaging $117 for the month. The agency expects global oil inventories to draw by an average 8.5 million barrels per day in the second quarter of 2026, keeping Brent near $106 a barrel in May and June. With Middle Eastern output rising, the EIA projects Brent to slip to $89 a barrel in the fourth quarter of 2026 and to $79 in 2027.
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