Middle East supply disruptions from the ongoing Iran conflict have elevated crude benchmarks, with Brent recently peaking above $105 per barrel in September 2026 amid Strait of Hormuz constraints and tanker attacks, while WTI briefly exceeded $100 before settling near $89.50–$90 as of October 6. Recovering Gulf exports above pre-war levels in recent weeks, combined with G7 emergency stockpile releases, have eased immediate tightness and contributed to the pullback from those highs. Global inventories continue drawing down, and the EIA has lifted its 2026 Brent forecast to around $98, reflecting persistent diesel tightness and risk premiums. However, current futures remain well below the historical all-time high near $145, with flows adapting via bypass routes and workarounds. Key near-term catalysts include further geopolitical developments, OPEC output signals, and upcoming inventory data that could influence whether prices sustain a move toward record territory.