EIA Short-Term Energy Outlook Report: Middle East supply disruptions are expected to continue until the end of 2026.

The EIA's Short-Term Energy Outlook report indicates that Middle East supply disruptions are expected to continue until the end of 2026. Oil production cuts in the Middle East due to the closure of the Strait of Hormuz are projected to increase to 9.1 million barrels per day in April. The Brent-WTI crude oil price spread is expected to peak at $15 per barrel in April, at which point Middle East oil supply disruptions will reach their maximum. US retail gasoline prices are projected to reach their highest average level since 2022 in 2026. Global oil demand is projected at 104.6 million barrels per day in 2026, lower than the previous forecast of 105.2 million barrels per day; demand is projected at 106.2 million barrels per day in 2027, also lower than the previous forecast of 106.6 million barrels per day. (Jinshi)