Fitch Ratings has projected that Brent crude oil prices will average $87 per barrel in 2026, with short-term spikes expected due to the ongoing closure of the Strait of Hormuz. The agency anticipates prices will reach $100-110 per barrel from May to July before declining to $80 in August and around $70 from September onwards. This forecast hinges on the assumption that the strait will reopen by the end of July, following a five-month closure that has disrupted the transit of roughly 20 million barrels of oil equivalent per day, representing about one-fifth of global oil consumption. Fitch emphasizes that the current price surge is a temporary logistical supply shock rather than a permanent loss of production capacity. The report also indicates that the market is likely to return to oversupply conditions by September 2026, driven by a recovery in Middle Eastern production and strong non-OPEC supply growth. However, uncertainty regarding the timing of the strait's reopening continues to create volatility in oil prices.