BlockBeats News, May 13th. The U.S. Energy Information Administration released its Short-Term Energy Outlook report, mentioning that in April, the spot price of Brent crude oil saw a significant increase. The actual closure of the Strait of Hormuz tightened global oil supply, reaching a high of $138 per barrel on April 7th, with an average price of $117 per barrel for the month.
It is projected that global oil inventories will decrease by an average of 8.5 million barrels per day in the second quarter of 2026, keeping the Brent oil price around $106 per barrel in May and June. As Middle East oil production increases, I expect the oil price to decline, dropping to an average of $89 per barrel in the fourth quarter of 2026 and further to $79 per barrel in 2027.
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