The market expects high oil prices to continue until 2028, with Brent crude oil contracts reaching a historic high

Affected by the Iran War and damage to refining facilities, the market expects high oil prices to continue until 2028. The Brent crude oil contract for delivery in December 2027 rose more than 13% to $86 per barrel, setting a new high since the contract went public. The European benchmark diesel futures rose to $1480 per ton in mid September, and the delivery contract for December 2027 exceeded $1000 per ton, far higher than the pre war level of $644. (Source: Reuters)