Brent oil prices to remain above $95/bbl over next 2 months on Mideast conflict, EIA says

Oil Market Outlook - Brent oil prices are projected to remain above $95 per barrel for the next two months due to ongoing conflict in the Middle East [1] - The Energy Information Administration (EIA) forecasts that Brent crude futures will decline below $80 per barrel in Q3 2026, eventually reaching around $70 by the end of the year [1] Middle East Oil Production - The effective closure of the Strait of Hormuz, a critical chokepoint for global oil flows, is expected to lead to a further decline in Middle Eastern oil output in the coming weeks [1] - Production shut-ins in the region will gradually ease as transit resumes, according to the EIA [1] Industry Response - India's Reliance Industries is maximizing production of liquefied petroleum gas (LPG) and prioritizing the diversion of locally-produced natural gas for essential sectors [1]