Introduction
The U.S. Energy Information Administration (EIA) issued a forecast on March 10 projecting that international crude oil prices will stabilize around $70 per barrel by the end of 2026 [1]. The report, the agency’s latest Short-Term Energy Outlook, states that the current high volatility in global energy markets is directly linked to conflict-related disruptions in the Strait of Hormuz, a vital maritime chokepoint for global oil and gas shipments [3]. The forecast presents a timeline of high prices in the near term, followed by a predicted rebalancing as supply and demand factors adjust.
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