Ratings agency Fitch published its updated oil outlook on June 8, forecasting Brent crude to average $87 per barrel for 2026 before settling around $70 from September onward. A peak between $100 and $110 is expected during the May-to-July window due to the closure of the Strait of Hormuz, which has been shut to shipping for about five months. Fitch assumes the strategic waterway reopens by late July, driving prices down to roughly $80 in August. The agency upgraded its oil sector outlook to « improving » while describing the risk profile as « binary » and skewed to the downside, with a sub-$70 outcome deemed more likely than a sustained spike above forecasts.
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