Futures for the global oil benchmark declined on September 25, finishing the day with a loss of $2.28 per barrel. The oil price settled at $104.32 per barrel, representing a 2.14% drop, while long-dated contracts for December 2027 remained above $80 per barrel.

The current price for the December 2027 contract is less than 10 cents off its war-time high. If the current price holds at the close, it would be only the second time during the year that the December 2027 print has exceeded the $80 per barrel mark.