The price of crude oil has fallen sharply this year, and the energy industry is bracing for lower prices in 2026.
Prices for a barrel of West Texas Intermediate crude oil, the U.S. benchmark, have declined about 15 percent, to around $61 a barrel on the New York Mercantile Exchange.
U.S. oil prices had slipped below $58, before climbing on tighter enforcement of sanctions on Russian petroleum exports and the potential disruption of energy flows.
Still, despite the geopolitical-driven periods of volatility this year, oil’s overall performance since mid-January may be indicative of what the energy industry could expect heading into 2026.
“We’re prepared for prices in 2026 to be lower than they were in 2025,” Chevron CEO Mike Wirth said during an Oct. 29 interview with Fox Business host Maria Bartiromo….