EIA Projects Brent Oil Prices to Average $106 per Barrel in May and June

On May 13, the U.S. Energy Information Administration (EIA) released its Short-Term Energy Outlook report, noting that Brent crude spot prices surged in April due to the effective closure of the Strait of Hormuz, tightening global oil supplies. Prices peaked at $138 per barrel on April 7, averaging $117 per barrel for the month. The EIA expects global oil inventories to decrease by an average of 8.5 million barrels per day in the second quarter of 2026, keeping Brent oil prices around $106 per barrel in May and June. With an increase in oil production from the Middle East, crude oil prices are expected to decline, averaging $89 per barrel in the fourth quarter of 2026 and dropping to $79 per barrel in 2027.

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