Fitch Ratings raised its 2026 outlook for the global oil and gas sector to “improving” from “neutral,” according to reporting from MSN. The change reflects higher near-term price assumptions connected to the closure of the Strait of Hormuz, a key route for global energy shipments. Fitch now expects Brent crude to average $87 per barrel in 2026, compared with an average of $68 per barrel in 2025.
The agency projects Brent could remain in the $100 to $110 per barrel range during June and July before moving closer to $70 by September as supply conditions normalize. Fitch said its view assumes the strait reopens around the end of July, oil output recovers within several weeks, and major infrastructure avoids material damage. The report also noted that OPEC spare capacity stood at 3.6 million barrels per day before the conflict.
Fitch also raised its 2026 Title Transfer Facility gas assumption to $14 per thousand cubic feet, up from about $12 in 2025, citing potential disruption to Qatari LNG flows. For investors following energy market updates, the outlook highlights how shipping routes, spare capacity, and producer exposure to key export channels can influence pricing assumptions across oil and gas markets.
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