Fitch Ratings Sees Strait of Hormuz Reopening in July

• Fitch Ratings assumes the Strait of Hormuz will reopen in July.
• The current Brent price assumption for 2026 is $87/barrel, based on this reopening.
• Factors considered include the US driving season peaking in July, Q2 US economic data release around July/August, and China's oil reserves being sufficient until the end of October.

Fitch Ratings' Angelina Valavina discusses the outlook for the Strait of Hormuz, stating their current assumption is for it to reopen in July. This is factored into a Brent crude price assumption of $87/barrel for 2026. Key factors influencing this timeline include the US driving season, US economic data releases, and China's oil reserves.