[High Oil Prices May Persist Until 2028, Market Worries That Energy Pressure May Not Ease Even After War Ends] BlockBeats News, October 15, Reuters columnist Ron Bousso wrote that the prolonged duration of the Iran war has exceeded market expectations, prompting crude oil traders to reassess the outlook for the global energy market. It is anticipated that high oil prices may continue until 2028. The December 2027 Brent crude oil futures contract has risen more than 13% since early September to $86 per barrel, marking a record high since the contract's launch; the December 2026 contract rose approximately 12% over the same period. The rise in long-term oil prices contrasts with the International Energy Agency's (IEA) forecast of a significant global oil supply surplus by 2027, reflecting traders' doubts about whether supply can recover as expected. Although recent oil flows through the Strait of Hormuz have approached pre-war levels, risks such as Iranian attacks on vessels, increased Houthi attacks on Saudi Arabia, and damage to refining capacity continue to weigh on supply prospects. The diesel market is particularly tight. European benchmark diesel futures surged to a record high of $1,480 per ton in mid-September, and the December 2027 futures contract surpassed $1,000 per ton for the first time this week, far exceeding the pre-war level of $644 per ton. Bousso pointed out that even if the conflict ends, repairing damaged refining facilities, replenishing inventories, and rebuilding logistics systems will take time. Additional costs for transportation, insurance, and military escorts may also persist, extending energy cost pressures for a longer period. [Original Link]