WTI crude oil futures currently trade near $91 per barrel as of early October 2026, well below the $145–147 all-time high set in July 2008, with the December 31, 2026 resolution market implying roughly an 11% probability of surpassing that threshold. Recent easing of Middle East supply disruptions—following restarts of Saudi Arabia’s East-West pipeline and higher flows through the Strait of Hormuz—has reduced near-term scarcity premia after earlier spikes above $100 driven by U.S.-Iran tensions and inventory draws. Global inventories are rebuilding amid softer Asian demand and rising non-OPEC supply, while volatility measures and Treasury yields reflect tempered risk appetite. Key upcoming catalysts include further diplomatic developments, OPEC+ decisions, and U.S. inventory reports that could influence whether prices sustain a move toward record levels by year-end.