New Delhi, June 9 -- Fitch Ratings has revised its outlook for the global oil and gas sector to "improving" from "neutral", citing a sharp rise in oil prices triggered by supply disruptions linked to the closure of the Strait of Hormuz and stronger near-term earnings prospects for producers.

According to the ratings agency, the sector is expected to benefit from elevated crude prices in the coming months despite ongoing geopolitical uncertainty in West Asia.

Fitch said it has upgraded its 2026 sector outlook because higher oil prices are likely to support cash flows, profitability and credit metrics across the industry. The agency noted that the outlook revision reflects improved operating conditions for upstream oil and gas companies, ...