WTI crude settled at $92.41 per barrel on September 25, down more than 2% amid easing geopolitical risk premiums. Hopes for phased U.S.-Iran talks on reopening the Strait of Hormuz and potential limits on U.S. diesel exports have weighed on prices after recent swings above $100, while Houthi attacks on Saudi infrastructure sustain supply concerns. The Brent-WTI spread has widened to its highest level since May, reflecting Atlantic basin tightness. Elevated backwardation in prompt spreads signals ongoing near-term tightness despite the pullback. Traders will monitor further diplomatic updates, weekly EIA inventory data, and any signals on Fed policy or dollar strength for the week of September 28.