Wood Mackenzie forecasts crude averaging about $85 a barrel in July as inventories tighten

Wood Mackenzie expects crude oil prices to average around $85 a barrel in July as inventories continue to tighten, with stockpiles potentially hitting their lowest levels by mid-to-late July. The consultancy said the recent slide to a three-month low came even as optimism around the US-Iran peace agreement grew, but much of that positive sentiment is already priced in. It expects any supply return to be gradual, constrained by slow transit through the Strait of Hormuz and a slow restart of shut-in output. Wood Mackenzie also forecasts average crude prices of about $104 a barrel for 2026 and around $80 a barrel in 2027.