Market Speak: EIA raises Q4 Brent forecast to $105 after September surge to $114
Mumbai, Oct. 8 -- The US Energy Information Administration (EIA), in its October 2026 Short-Term Energy Outlook, said Brent crude oil spot prices averaged $114 per barrel in September, $23 per barrel higher than in August, as intensified attacks on Middle East oil infrastructure and tankers disrupted supply flows. The EIA raised its Q4 2026 Brent forecast by $14 per barrel from its previous outlook to $105 per barrel, assuming Middle East oil flows remain constrained and shut-in production averages 4.5 million barrels per day. The agency expects continued withdrawals from global oil inventories and constrained export routes to keep prices volatile in the near term, although pipeline and overland workarounds, ship-to-ship transfers and new b...
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