Traders now expect elevated oil prices to persist longer, potentially extending inflationary pressures. Oil inventories, which previously buffered supply disruptions, have significantly diminished since the recent conflict began. This sustained price pressure challenges central banks' traditional assumption that energy price shifts are temporary. Consequently, the global economy faces increased vulnerability from potential future energy price surges. Oil futures for delivery in 2027 have surged to their highest levels since the conflict started. Prices for January 2027 crude have risen substantially, indicating less anticipated relief than previously expected. Despite some recovery in Persian Gulf exports, costly workarounds are reaching their operational limits. Security concerns and the difficulty of restoring shipping confidence pose ongoing challenges. Economists suggest that oil prices are inflated by higher shipping costs and attack fears, rather than actual shortages. The market narrative has decisively shifted from "transitory" inflation to a "new normal" regarding oil prices.