The price of Brent crude oil is expected to remain around $106 per barrel during May and June, according to a report from the U.S. Energy Information Administration (EIA).
The report notes that Brent spot prices surged sharply last month, reaching $138 per barrel on April 7, with the monthly average standing at $117 per barrel.
EIA states that prices are expected to gradually decline as oil production in the Middle East increases. According to the forecast, Brent crude could average $89 per barrel in the fourth quarter of 2025 and fall further to around $79 per barrel in 2027.
The report also highlights that restrictions in the Strait of Hormuz are reducing global oil supply. Global oil inventories are expected to decline by an average of 8.5 million barrels per day in the second quarter of this year.
