Brent 'oil prices will remain above $95 per barrel for the next two months, according to the Energy Information Administration in its short-term energy outlook report.

Brent crude futures will then drop below $80 per barrel in the third quarter of 2026 before slipping to $70 at the end of the calendar year.

In the next few weeks, the Middle East oil production will fall even more due to the effective closure of a critical chokepoint - the 'Strait of Hormuz', which is a crucial oil artery that carries a fifth of global oil every day.

The EIA added that these 'production shutdowns' will ease gradually as the?transit resumes.

(source: Reuters)