Crude oil prices may rise to $105 in June-July: US Department of Energy

The US Department of Energy's forecasting agency Energy Information Administration (EIA) said that oil prices in the global market may remain high until July due to the virtual shutdown of the Strait of Hormuz. This information was reported by British media outlet CNN in a report on Wednesday (June 10).

A new report by the Energy Information Administration said that the average price of Brent crude oil in June and July could reach about $105 per barrel. Currently, this price is around $91, which is significantly higher than the pre-war price of about $70.

The report also said that their forecast is based on the assumption that oil transportation will be limited in the coming weeks and global production and stocks will decrease. This situation could further pressure the market.

Meanwhile, US investment firm JP Morgan has also made a similar forecast. According to them, even if the Strait of Hormuz opens this month, the average price of Brent oil from July to September could be around $104 per barrel.

Regarding gasoline prices, the EIA said that gasoline prices could also increase slightly. According to the organization's forecast, the average price could be $3.90 in 2026 and $3.64 in 2027. In its previous forecast, these numbers were $3.88 and $3.62, respectively.

This forecast is contrary to US President Donald Trump's statement, where he claimed that oil prices would fall quickly if a deal with Iran is reached.

However, the Energy Information Administration said that fuel prices could have been higher but prices are under control due to a slight decrease in global demand. High prices, energy shortages and increased consumption in various regions have reduced demand.

The report also said that daily oil production in the United States could increase slightly. Although production is currently 13.6 million barrels, it could increase to 13.7 million barrels.