Recent geopolitical tensions from the seven-month US-Iran conflict have driven WTI Crude Oil prices sharply higher in September 2026, with the benchmark trading near $92 per barrel amid persistent supply risks through the Strait of Hormuz despite partial export recovery to 12.8 million barrels per day from Gulf producers. Elevated Middle East disruptions have outweighed recovering flows via workarounds like Saudi Arabia’s East-West pipeline, supporting a roughly 8% monthly gain even as inventories data and mediation efforts introduce volatility. Trader sentiment reflects skin-in-the-game pricing of sustained tightness through year-end, tempered by potential diplomatic breakthroughs or weaker global demand that could ease the risk premium before September resolution.