Fitch Ratings Warns of Downside Risks to Oil Prices, Forecasts Brent at $70/Barrel by Q4 2026

Fitch Ratings maintained its 2026 average Brent crude oil price forecast at $87 per barrel but indicated that risks have shifted to the downside. The agency predicts Brent crude could fall to $70 per barrel in the fourth quarter of 2026, anticipating an oversupply in the oil market starting in September. This outlook is contingent on easing Middle East tensions and a potential recovery in regional production, which could offset supply disruptions.