Mumbai, Aug. 12 -- The latest Short-Term Energy Outlook (STEO), released by the US Energy Information Administration (EIA), projects continued pressure on global oil supplies as severe constraints on crude shipments through the Strait of Hormuz are expected to persist through August. The EIA has raised its estimates for Middle East crude production shut-ins and expects disruptions of around 0.6 million barrels per day to continue through the end of 2027.
Brent Crude Seen Near $85 in Q3 2026: The EIA expects reduced oil flows through the Strait of Hormuz to further draw down global inventories, keeping Brent crude oil prices near recent levels. Brent is forecast to average around $85 per barrel in Q3 2026 before gradually declining to about...