Fitch Ratings raises global oil and gas industry outlook to 'improvement', expecting Brent oil prices to remain at $100-110 in the short term According to BlockBeats, on June 8th, Fitch Ratings raised its global outlook for the oil and gas industry to "Improving" from previous levels, citing the recent increase in oil prices as a boost to the industry's profit prospects. Fitch expects Brent crude oil prices to remain in the range of $100 to $110 per barrel from June to July against the backdrop of disruptions to transportation in the Strait of Hormuz. However, as supply recovers, oil prices are expected to fall back to around $70 by September. Fitch assumes that global crude oil production will quickly resume after the reopening of the Strait of Hormuz, while also believing that there is currently no substantial damage to major oil infrastructure. The agency stated that energy supply concerns will continue to support oil prices in the short term, but the impact of rising oil prices is expected to gradually dissipate as geopolitical risks ease and production capacity recovers. [Original link]