Geopolitical tensions in the Middle East, centered on the US-Iran conflict and risks to Strait of Hormuz flows, remain the dominant driver of WTI prices as the week of October 5 begins. Recent Brent and WTI futures have traded in the $90–$102 range amid supply disruptions, with OPEC+ electing on October 4 to hold November output targets steady given constrained Gulf production well below quotas. US commercial crude inventories rose 0.92 million barrels to 427.3 million in the latest EIA data, adding modest downward pressure alongside record domestic output near 13.9 million barrels per day. The next inventory release on October 7 and any diplomatic signals could shift near-term risk premiums, while broader demand trends and dollar strength provide additional context for trader positioning.