EIA: Brent crude oil price expected to average around $106/barrel in May-June

Odaily  According to the EIA's Short-Term Energy Outlook, Brent crude oil spot prices surged sharply in April due to the de facto closure of the Strait of Hormuz tightening global oil supply. Prices reached a high of $138 per barrel on April 7, with an average of $117 per barrel for the month.

Global oil inventories are expected to decline by an average of 8.5 million barrels per day in the second quarter of 2026, keeping Brent crude oil prices around $106 per barrel in May and June. We expect crude oil prices to decline as Middle East oil production increases, averaging $89 per barrel in the fourth quarter of 2026 and falling to $79 per barrel in 2027. (Jin Shi)