Oil Shock Lifts EIA Price Outlook as Hormuz Crisis Reshapes Forecast

The U.S. Energy Information Administration sharply revised its oil price outlook in its latest Short-Term Energy Outlook (STEO) based on the growing impact of the Middle East conflict and the near standstill in tanker traffic through the Strait of Hormuz. Brent crude settled at $94 per barrel on March 9, according to the EIA— a roughly 50% surge since the start of the year and the highest level since September 2023. Prices have climbed rapidly as shipments through the Strait of Hormuz slowed dramatically and some Middle East producers began…