Oil Futures Rise as Traders Reassess Supply Risks Through 2028

Long-dated oil and diesel futures have climbed as traders weigh supply disruptions that could keep energy costs elevated into 2028, despite expectations for a global oil surplus next year. Brent crude futures for delivery in December 2027 have risen more than 13% since early September to $86 a barrel, the highest price since the contract was listed. The December 2026 Brent contract gained about 12% over the same period. The gains contrast with the International Energy Agency’s expectation that global oil supply will increase in 2027 and leave the market with a surplus. The Iran war has lasted longer than markets expected, prompting oil traders to reassess the energy outlook and whether supply can recover as projected.

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