Brent Falls 5% on US-Iran Pause but Holds Above Fitch's $87 2026 Average

Brent crude dropped roughly 5%, or $6.20, to $90.58 on July 27 after the US and Iran paused military strikes (Reuters). That still exceeds Fitch's projected 2026 average of $87/bbl, set in June (ANI News). The gap implies markets doubt the pause's durability or are pricing residual Strait of Hormuz risk. A genuine ceasefire would likely push Brent below $87.