WTI crude oil prices have pulled back sharply to around $90.83 per barrel as of the November 6, 2026 close, reflecting a more than 13 percent weekly decline driven by post-U.S. midterm hopes for de-escalation in U.S.-Iran tensions and potential reopening of Strait of Hormuz flows. This unwinding of the geopolitical risk premium has outweighed ongoing tanker attacks and persistent supply disruptions, with global markets shifting toward surplus signals as Middle East exports recover modestly while demand contracts under elevated prices. U.S. inventories and refinery utilization data underscore the loosening balance, and the Brent-WTI spread remains wide near $7.50. Traders are watching the November 10 CPI release and OPEC’s monthly report for fresh clues on inflation-driven demand and policy responses that could influence near-term price thresholds.