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Fitch projects Brent crude at $70/bbl by Q4 2026, citing expected oversupply from September and comfortable inventories, while maintaining its 2026 forecast at $87/bbl.
Fitch maintained its 2026 Brent crude forecast at $87/bbl but stated that risks are now skewed to the downside. The rating agency expects the oil market to return to oversupply from September and forecasts Brent at $70/bbl by Q4 2026. It also noted that June Hormuz shipments added enough supply to offset two extra months of disruption and anticipates Middle East output to recover quickly once hostilities ease. Comfortable global inventories and strong non-欧佩克 supply were cited as bearish factors.
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