The U.S. Energy Information Administration raised its forecast for Brent prices to $87 per barrel for 2026 due to restrictions on transit through the Strait of Hormuz. Retail gasoline prices are projected to rise to $3.78 per gallon, contrasting with Trump's statement that the strait is open.
One day after U.S. President Donald Trump said that the Strait of Hormuz was "open," officials in his administration are raising their forecasts for oil and gasoline prices, as "restrictions" block the flow of energy through this critically important waterway, UNN reports, citing CNN.
The Energy Department’s forecasting arm, the Energy Information Administration (EIA), now expects energy transit through the Strait of Hormuz to remain restricted until August.
On Tuesday, the EIA raised its 2026 forecast for Brent, the global oil benchmark, to an average price of $87 per barrel. That is higher than the $82 forecast for Brent a month ago and close to the current level.
