**Crude oil prices currently trade near $90 per barrel for WTI as of early November 2026, well below the 2008 all-time high of roughly $147.** The dominant driver remains geopolitical supply risks tied to the Iran conflict that began in late February, which triggered major disruptions through the Strait of Hormuz and cut Middle East exports sharply before partial recovery in recent months. This has produced a volatile price path with 2026 peaks above $110–112, followed by moderation as Gulf flows improved, non-OPEC supply rose, and high prices curbed demand—particularly in China and Asia—pushing the market toward a surplus of 1–1.4 million barrels per day by October. OPEC+ has held December production targets steady while actual output and compliance remain key variables. Traders are watching potential diplomatic developments, upcoming inventory data, and demand signals for any shift that could widen or narrow the gap to historical highs.