The oil market's 2027 relief hopes are fading fast

Oil futures for January 2027 delivery have climbed 17% since early September to over $97 a barrel, the highest since the Iran war began, as traders bet on prolonged price pressures. Depleted inventories and disrupted Middle Eastern supplies threaten to extend inflation, complicating central banks' expectations of a one-time energy price shift and leaving the global economy more vulnerable to sustained high prices.