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The Emirates News Agency reported that Brent trades at US$79.97 per barrel in early August trading. This price level comes after a period of sharp fluctuations tied to disruptions in global supply chains. Market data indicated moderate movements in the benchmark as participants assessed the balance between supply and demand.
The U.S. Energy Information Administration reported that the Brent crude oil spot price averaged $85 per barrel in June 2026 before declining. A memorandum of understanding signed on June 18 between the United States and Iran opened the Strait of Hormuz, which had been closed since late February amid conflict. The agency noted that increased tanker traffic through the strait and rerouting of supplies from other producers eased some of the earlier upward pressure on prices.
EIA data places the forecast average for Brent at $74 per barrel in the third quarter of 2026. The outlook expects ongoing oil inventory accumulation to continue exerting downward pressure on crude prices. Brent prices are seen averaging $65 per barrel in 2027 according to the assessment.
A J.P. Morgan Global Research assessment found that the oil market has rebalanced via larger-than-expected demand losses and smaller-than-expected OECD commercial inventory draws. The bank adjusted its projection to show Brent averaging $86 per barrel in the third quarter of 2026. Prices are then expected at $80 per barrel in the fourth quarter and $78 by the end of the year.
Trading Economics figures showed Brent had risen more than 10 percent over the past month as of early August while standing nearly 19 percent higher than the same time a year earlier. The platform recorded the commodity trading near $79 per barrel in the days leading into August 6. Historical data from the service places Brent’s all-time high at $147.50 per barrel in July 2008.
The Energy Information Administration assessment found that releases from strategic reserves in the United States and OECD countries helped moderate prices alongside increased exports from North and South American producers. Inventory builds are projected to average 2.7 million barrels per day in the fourth quarter of 2026. The agency indicated that supply is expected to grow faster than consumption over the coming periods.
