Recent easing of geopolitical tensions between the U.S. and Iran has driven sharp declines in crude benchmarks, with WTI trading near $86–90 per barrel and Brent around $90–92 as of November 10–11, 2026—roughly 40% below the 2008 all-time highs of $145.31 (WTI) and $143.95–147.50 (Brent). A Middle East conflict that tightened supplies and lifted prices toward $100–118 per barrel in October has shifted toward potential de-escalation, supporting higher Middle Eastern exports and reducing risk premiums. Global inventories are building amid recovering OPEC output, while forward curves reflect expectations of surplus conditions later in 2026. Key near-term catalysts include diplomatic negotiations, EIA inventory reports, and any shifts in production or shipping through the Strait of Hormuz.