WTI crude oil prices have declined sharply in early November 2026 to the $88–89 per barrel range from peaks above $107 in late October, driven primarily by easing geopolitical risk premiums tied to the U.S.-Iran conflict and a rapid recovery in Gulf exports. The IEA’s November report highlighted a shift toward global surplus conditions in 4Q26, with supply rising over 2 mb/d while demand forecasts weakened amid high prices and elevated inventories. OECD stocks are rebuilding, and the Brent-WTI spread has widened to around $7 per barrel amid U.S. production strength. Key near-term catalysts include weekly EIA inventory releases, any further diplomatic signals, and OPEC+ quota decisions that could influence the supply-demand balance and trader positioning in the futures curve.