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Crude oil prices surged on Thursday as Iran intensified attacks on oil tankers passing through the Strait of Hormuz, while Hurricane Isaias threatened offshore oil production in the US Gulf of Mexico.
The EIA raised its oil price forecasts, citing tight global inventories, limited diesel supplies and ongoing Middle East supply risks. Brent crude is expected to average $105 per barrel in Q4 2026 and $84 in 2027. Recovering Gulf exports and record U.S. production may ease supply pressures next year, though…