Fitch Ratings has forecasted that Brent crude oil prices will range between USD 100-110 per barrel from May to July, attributing this projection to the anticipated closure of the Strait of Hormuz. This situation is expected to impact the oil market through supply disruption, as Hormuz is a critical chokepoint for global oil shipments. Consequently, the USD may experience volatility due to shifts in energy prices and inflation expectations, while oil-related assets will be closely watched for price movements. Traders will particularly focus on geopolitical developments in the region and any announcements regarding the status of the Strait of Hormuz, as these could significantly influence supply dynamics and market sentiment.
FITCH PREDICTS BRENT CRUDE OIL PRICES WILL RANGE FROM USD 100-110 PER BARREL BETWEEN MAY AND JULY DUE TO HORMUZ CLOSURE, THEN DROP TO USD 70 PER BARREL BY SEPTEMBER.
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