EIA expects Brent oil prices to gradually decline after 2026

The EIA report states that the spot price of Brent crude oil in April reached a high of $138 per barrel on April 7th due to the closure of the Strait of Hormuz affecting supply, with an average price of $117 per barrel for the month. It is expected that global oil inventories will decrease by an average of 8.5 million barrels per day in the second quarter of 2026, with Brent oil prices remaining at around $106 per barrel in May and June. With the increase of oil production in the Middle East, it is expected to drop to $89 per barrel in the fourth quarter of 2026 and $79 per barrel in 2027.