Mecca ecosystem secures $8 million in strategic investment, with investors including Gemhead Capital and others
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EIA raises price forecasts for WTI and Brent oil for this year and next year
According to the EIA Short-Term Energy Outlook report, the WTI crude oil price is expected to be $88.21 per barrel in 2026, compared to the previous forecast of $84.65 per barrel. The WTI crude oil price for 2027 is expected to be $79.74 per barrel, previously forecasted at $69.74 per barrel. The Brent price is projected to be $96.32 per barrel in 2026, up from the previous forecast of $91.01 per barrel. The Brent price for 2027 is expected to be $83.74 per barrel, previous forecast was $73.74 per barrel.

EIA expects Middle Eastern oil production and exports through the Strait of Hormuz to gradually increase
U.S. Energy Information Administration (EIA): Middle Eastern oil production and exports through the Strait of Hormuz are expected to "gradually increase" due to facilitated transit.
EIA forecasts that oil production shutdowns will drop to 2.7 million barrels per day in the first quarter of 2027
U.S. Energy Information Administration (EIA): As alternative transportation options expand, the projected oil production shutdown in Q1 2027 is expected to decrease to 2.7 million barrels per day from 4.5 million barrels per day in Q4 2026.
