Fitch Ratings has upgraded its global oil and gas sector outlook to "Positive," expecting the Brent oil price to remain around $100-110 in the short term

BlockBeats News, June 8th, Fitch Ratings has upgraded the global oil and gas industry outlook from the previous level to "Improving," citing a recent increase in oil prices that has boosted the industry's profit outlook.

Fitch expects that amid disruptions in oil transportation in the Strait of Hormuz, the price of Brent crude will remain in the range of $100 to $110 per barrel from June to July, but as supply recovers, the price is expected to fall to around $70 by September.

Fitch assumes that once the the Strait of Hormuz reopens, global oil production will quickly recover, and it believes that there has not been any substantial damage to major oil infrastructure at present.

The agency stated that short-term energy supply concerns will continue to support oil prices, but as geopolitical risks ease and production capacity recovers, the impact of the oil price increase is expected to gradually diminish.