Fitch Ratings has cautioned that Brent crude could finish 2026 below $87 per barrel, citing a robust recovery in global oil production following recent OPEC agreements.
The rating agency’s assessment highlights a shifting supply landscape that is increasingly challenging the bullish sentiment that had previously supported higher energy prices.
60 per barrel, marking a roughly 9% decline over the past week.
This bearish projection comes as Brent crude futures have slumped to $72.60 per barrel, marking a roughly 9% decline over the past week.
The drop reflects broader market adjustments to the resumption of flows through the Strait of Hormuz, which has alleviated some of the supply disruption risks that had kept a premium on the benchmark contract.
The normalization of shipping routes has removed a key geopolitical risk premium, allowing fundamental supply-demand dynamics to reassert themselves.
Fitch’s warning adds to a growing chorus of bearish forecasts from major financial institutions.