This report does not constitute a rating action. S&P Global Ratings reviewed its hydrocarbon price deck and increased its WTI price assumptions by $5/bbl and Brent oil by $10/bbl for the remainder of 2026. Our assumptions for the rest of 2026 are now $95/bbl for WTI and $105/bbl for Brent, reflecting recent market dynamics, as well as some resilience in global physical crude flows and re-building demand, primarily from China. Our 2027 assumptions of $80/bbl for WTI and $85/bbl for Brent are $5/bbl higher for both WTI and Brent, reflecting continued elevated geopolitical risks, the need for inventory rebuilding, and residual market tightness as Persian Gulf oil flows normalize. Our assumptions for WTI and Brent prices in 2028 and beyond
