Recent U.S. Energy Information Administration data showing an 8.6 million barrel crude inventory draw for the week ending October 9—well above the expected 288,000-barrel decline—provided the key catalyst lifting WTI futures above $97 per barrel mid-week. Geopolitical tensions, including intensified attacks on shipping near the Strait of Hormuz and Saudi-Houthi conflict, sustained a risk premium, while hurricane-related production shut-ins in the Gulf further tightened near-term supply. Traders also weighed potential U.S. easing of sanctions on shadow-fleet tankers, which could increase available tonnage and moderate delivered prices. With WTI trading in the mid-$90s amid elevated Brent-WTI spreads and diesel market tightness, market-implied probabilities reflect these supply-side pressures ahead of the October 16 resolution, though any rapid de-escalation in the Middle East or additional inventory builds could alter sentiment.