Oil Prices Expected to Stabilize Around $70 by End of 2026: EIA

Global production is expected to outpace global consumption once Strait of Hormuz traffic stabilizes.

Mar. 10, 2026 at 7:21pm

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According to a new Energy Information Administration report, crude oil prices are forecast to stabilize at around $70 per barrel by the end of 2026. Global energy markets have been highly volatile this month since the conflict in Iran began, as the Strait of Hormuz, a vital global artery for oil and natural gas, has been effectively shut down.

Why it matters

The Strait of Hormuz is a critical chokepoint for global oil and gas shipments, so disruptions there can have major impacts on energy prices and supply. Stabilizing oil prices is important for economic growth and consumer confidence.

The details

The Energy Information Administration's latest report predicts that global oil production will eventually outpace global consumption once the situation in the Strait of Hormuz stabilizes. This is expected to drive oil prices down to around $70 per barrel by the end of 2026.

  • The EIA report was released on March 10, 2026.
  • Oil prices are forecast to stabilize around $70 per barrel by the end of 2026.

The players

Energy Information Administration

A statistical and analytical agency within the U.S. Department of Energy that collects, analyzes, and disseminates independent and impartial energy information.

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The takeaway

The stabilization of oil prices around $70 per barrel by the end of 2026 would provide more economic certainty and consumer confidence after a period of volatility caused by the disruption in the Strait of Hormuz.