Oil market likely to return to oversupply after Hormuz reopens: Fitch Ratings

Global oil markets are set to see a surplus once the Strait of Hormuz reopens. Fitch Ratings predicts this despite current price hikes. The closure is a temporary supply shock, not a permanent production loss. Markets are expected to return to oversupply by September 2026. This will be driven by Middle Eastern production recovery and non-OPEC supply growth.