3 publishers · first seen Thu, 29 Oct 2026 00:18 UTC · updated Thu, 29 Oct 2026 14:39 UTC
Brent crude oil prices are forecast to average approximately US$92 a barrel in 2026, according to the World Bank, as supply shortages and disruptions in the Middle East keep global energy markets under pressure. The bank projects a 32% increase in global energy prices that year, reversing three years of declines. UBS also reported that Brent crude could reach $110 per barrel by year-end from $100, citing ongoing supply disruptions, rising transportation costs, and declining petroleum inventories. Both institutions highlight heightened risks to oil supply, with combined flows through the Strait of Hormuz and alternative pipelines at 18.8 million barrels per day in early October, below the pre-conflict level of 19.9 million.
UBS noted that freight costs for very large crude carriers from the Middle East to China have risen to $30 to $40 per barrel, up from a historical range of $1 to $3, due to increased attacks on commercial vessels. The World Bank warned that further military escalation, damage to Russian oil infrastructure, and extreme weather could sustain high commodity prices.
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