Oil Markets Brace for Years of High Prices as Iran War Drags On

AI Summary

Oil markets are increasingly pricing in a prolonged period of elevated prices as the Iran war continues. Traders have shifted from expecting a short-lived disruption to anticipating high prices through 2028.

Oil markets initially treated the Iran war as a brief bullish disruption in a long-term bearish trend. But traders are now betting that oil prices will remain elevated through 2028…