WTI crude oil trades near $92 per barrel as of mid-October 2026, well below its 2008 all-time high of roughly $147, amid elevated but contained geopolitical risk premiums from Middle East supply disruptions. Recent Houthi attacks on Saudi infrastructure and tanker incidents near the Strait of Hormuz have lifted benchmarks by several dollars, while OPEC raised its 2027 demand-growth forecast to reflect depleted inventories from the Iran-related conflict. Offsetting these supports, prospects for additional Russian diesel exports following U.S. policy shifts and recovering Gulf flows have capped upside, with prices easing after Monday’s gains. Key near-term catalysts include upcoming OPEC+ meetings, weekly inventory data, and any escalation or de-escalation in regional tensions that could shift the risk premium embedded in futures curves.