WTI crude oil prices faced downward pressure during the week of November 9, 2026, as the International Energy Agency revised its outlook to project a global supply surplus in the fourth quarter for the first time since the Iran-related disruptions began, citing faster-than-expected recovery in Gulf exports. The U.S. Energy Information Administration reported an unexpected 4.7 million barrel build in commercial crude inventories for the week ending November 6, alongside softer refined product demand, reinforcing expectations of subdued consumption. Geopolitical risk premiums eased after U.S. signals favoring economic pressure over further escalation, though ongoing tanker attacks in the Strait of Hormuz kept some support intact. December WTI futures settled near $88.56 on November 13 after a roughly 2.5% weekly decline. Traders will monitor subsequent EIA inventory releases, OPEC+ production data, and any shifts in U.S. monetary policy expectations for impacts on demand.