Economists Agree: 2026 Oil price forecasts lowered as Strait of Hormuz shipping improves – Reuters poll
According to a Reuters poll published on Tuesday, analysts have lowered their 2026 Oil price forecasts for the first time since the Iran war began as shipping through the Strait of Hormuz gradually improves, easing concerns over prolonged supply disruptions.
The poll, which surveyed 31 economists and analysts, showed Brent crude is expected to average $84.50 per barrel in 2026, down from the $90.44 forecast made in May. US benchmark West Texas Intermediate (WTI) crude is expected to average $79.49 per barrel, compared with $84.63 projected last month.
On average, they expect Brent to average about $84 per barrel in the third quarter of 2026, before falling to around $79 in the fourth quarter and declining to the mid-$70s by the middle of 2027.
According to the poll, global Oil demand growth in 2026 is expected to slow to roughly 1.0 million to 2.0 million barrels per day. Analysts said demand has softened due to weaker consumption in China, the world's largest oil importer.
At the time of writing, WTI trades around $70.80, back near its March lows after fully unwinding its US-Iran war rally.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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