Fitch Boosts Oil Price Forecast Amid Iran Conflict Uncertainty

Fitch Ratings has raised its oil price forecast for 2027, predicting an average Brent crude price of $70 per barrel. This is a $5 increase from their previous assumption of $65/bbl.

The agency cited the impact of the Iran conflict on energy markets as the reason for the increased forecast. They also maintained their 2026 Brent price assumption at $87/barrel, but expect prices to decline to $70/bbl in 2027 and further to $60/bbl in 2028 and 2029.

Fitch's European gas price assumptions have been significantly revised upwards for both 2026 and 2027. The TTF (Title Transfer Facility) European gas price assumption has been raised by $3/mcf, or about 21.4%, from $14/mcf to $17/mcf in 2026.