WTI crude oil trades near $92.44 per barrel as of September 25, 2026, roughly 37% below its 2008 all-time high near $145–147 and well short of the $119 intraday peak reached earlier this year. Geopolitical supply risks tied to Iran tensions and partial Strait of Hormuz disruptions earlier in 2026 drove a sharp rally and inventory draws, lifting prices more than 40% year-over-year, yet recent diplomatic signals and easing Middle East export constraints have triggered a pullback. Weak Chinese refinery demand and compressed margins continue to cap upside, while OPEC+ output decisions and U.S. shale response remain key swing factors. Traders monitor upcoming inventory reports and any renewed supply shocks that could narrow the gap to record levels before year-end resolution.