Global oil markets are set to return to oversupply soon. Fitch Ratings reports the Strait of Hormuz closure is a temporary supply shock. Prices are expected to fall sharply once traffic resumes. The market anticipates a surplus from September. This is driven by West Asian production recovery, strong non-OPEC growth, and potential OPEC output increases.
Fitch sees global oil markets returning to oversupply after Hormuz reopens
