Fitch expects Brent to stay at $100-110/barrel in June-July during Hormuz closure

Strait of Hormuz Normal Traffic

Share

Add us on Google by Estefano Gomez Jun. 8, 2026

Fitch Ratings has projected that Brent crude oil prices will remain elevated between USD100-110 per barrel in the coming months due to the ongoing closure of the Strait of Hormuz. The closure is part of the broader Iran-Israel-United States conflict, impacting a critical chokepoint for global oil shipments. The forecast suggests that once the crisis subsides, prices could decrease to approximately USD70 per barrel by September. Markets appear to interpret this as an indication of significant supply disruption, resulting in fluctuating expectations for oil price movements throughout the year.

Advertisement

Key Takeaways

• Fitch’s forecast of sustained high Brent prices during the Hormuz closure suggests ongoing disruptions, consistent with decreased likelihood of normal traffic by June 15.
• The projection of high prices supports the possibility of crude oil reaching new all-time highs, although the expected price drop by September suggests a tempered long-term impact.
• The market pricing for WTI Crude Oil hitting as low as $20 in June is notably low, consistent with Fitch’s prediction of elevated prices during the crisis.

What to Watch

The situation in the Strait of Hormuz remains a key factor, with market participants monitoring developments closely. Diplomatic efforts and military activity in the region will be crucial indicators affecting oil price forecasts. Observers will also be watching for any changes in OPEC’s production policies or geopolitical shifts that could influence the oil supply and impact the predicted price trajectory.

Classifier accuracy: 33/154 (21%) correct on market direction (4hr window).

Get prediction market intelligence as a structured API feed. Early access waitlist.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.