EIA revises crude oil price forecast amid uncertainty and volatility but still expects prices will decrease
The U.S. Energy Information Administration (EIA) expects the Brent crude oil price to average less than $70 per barrel in 2025 and about $58 per barrel in 2026. In its July Short-Term Energy Outlook (STEO), EIA revised its 2025 oil price forecast slightly upward this month in response to unrest in the Middle East creating uncertainty in the oil market.