World Bank forecasts Brent oil prices to hit $79 in 2027

The World Bank projects that Brent crude oil prices will decline to an average of $79 per barrel in 2027, a decrease from $91 per barrel in 2026. This forecast is attributed to rising global supplies expected to ease market tightness.

In its latest Commodity Markets Outlook, the World Bank indicated that Brent prices could average nearly $100 per barrel in the fourth quarter of 2026, influenced by ongoing Middle East supply disruptions, tanker shortages, and attacks on vessels. The Bank anticipates that recent increases in crude shipments from the Gulf will be sustained, allowing global oil production to approach its 2025 level in 2027, which will exert downward pressure on prices.

The World Bank expects global energy prices to rise by 32% year-on-year in 2026 before declining by 12% in 2027. The revised forecast reflects supply disruptions expected to last longer but be less intense than previously thought.

The projected decline to $79 per barrel will depend on the durability of crude shipments from the Gulf and the anticipated recovery in global production.