Recent Middle East geopolitical tensions, including Houthi attacks on Saudi energy facilities and risks to Strait of Hormuz shipping, have driven WTI prices sharply higher through October, with the benchmark trading near $102–$104 per barrel in the final days of the week ending October 30. A 1.9 million barrel U.S. crude inventory draw for the week ending October 23 provided additional support amid refinery utilization near 93 percent, while OPEC+ held November output steady ahead of its November 1 meeting. Diplomatic overtures involving U.S.-Iran talks have tempered some supply disruption fears, creating volatility around elevated levels that reflect a persistent risk premium rather than assured outcomes.