Crude oil markets price in limited near-term odds of reaching all-time highs given WTI futures trading near $88 per barrel and Brent around $95 as of mid-November 2026, well below the 2008 records of $145–147. Persistent supply recovery from Middle East producers, rising OPEC+ output toward 97% of pre-conflict levels, and easing geopolitical risk premiums after U.S. midterm-driven diplomacy hopes have pressured prices lower despite ongoing tanker disruptions in the Strait of Hormuz. U.S. commercial inventories have built while global demand faces headwinds from weaker Chinese refining runs, widening the gap to historical peaks. Key upcoming catalysts include the November 29 OPEC+ ministerial meeting, weekly EIA inventory releases, and any shifts in U.S.-Iran or Russia-Ukraine negotiations that could alter the risk premium embedded in forward curves.