FITCH SEES OIL PRICE RISKS TILTED LOWER Fitch kept its 2026 Brent forecast at $87/bbl but says risks are now skewed to the downside. • Expects the oil market to return to oversupply from September • Forecasts Brent at $70/bbl by Q4 2026 • Says June Hormuz shipments added enough supply to offset two extra months of disruption • Expects Middle East output to recover quickly once hostilities ease • Cites comfortable global inventories and strong non-OPEC supply as bearish factors(*Walter Bloomberg)