Looking further ahead, the prices for oil delivery in a year’s time have dropped today, but remain higher than before the Iran war.
The cost of a barrel of Brent crude for delivery in June 2027 is down around 2% to $76.89 a barrel today.
That’s down from $82/barrel a month ago, but still much higher than before the Iran war when this contract traded at around $66 a barrel.
Kit Juckes, economist at French bank Société Générale says:
Many important lessons were learnt through nursery rhymes and the fact that you can’t put an egg back together after a fall is one of them….
The forward market remains concerned that getting supplies back to pre-war levels will take a long time.
