New Delhi, June 8 -- Fitch Ratings has projected an average Brent crude oil price of USD 87 per barrel in 2026, while expecting prices to remain elevated at USD 100-110 per barrel during May-July before falling to USD 80 per barrel in August and around USD 70 per barrel from September onward.

In a report released on June 5, the global ratings agency said its base-case forecast assumes that the Strait of Hormuz reopens around the end of July following an effective five-month closure.

"Accordingly, we assume Brent averages USD100-110/bbl in May-July, before falling to USD80/bbl in August and to about USD70/bbl from September, the level implied by the market fundamentals plus a residual geopolitical risk premium," Fitch said.

The agency n...