FITCH raised its global oil & gas industry outlook to "Improving" citing higher
oil prices. It expects Brent at $100–110/bbl in June–July if the Strait of
Hormuz remains closed, easing to about $70/bbl by September. FITCH says oil
infrastructure has not been materially damaged and production should recover to
near-normal within weeks once the strait reopens. It forecasts a return to
market oversupply by Q4 2026, which would pressure prices lower.
