Fitch Raises 2026 Brent Crude Price to $87/Bbl as Strait of Hormuz Closure Extends 14 Weeks

According to Fitch, the Strait of Hormuz has remained closed for 14 weeks, with the rating agency assuming reopening will begin in July 2026. Due to the prolonged closure impact, Fitch raised its 2026 average Brent crude oil price forecast from $70 per barrel to $87 per barrel, reflecting increased market pressure from supply constraints.
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