Current WTI crude prices hover near $87 per barrel as of mid-November 2026, roughly 40% below the $145–147 all-time high from 2008 and down from the 52-week peak above $112 earlier in the year. Year-over-year gains exceed 40%, supported by tighter supply dynamics and elevated benchmarks, yet recent easing in geopolitical tensions around Iran and the Strait of Hormuz has driven a sharp pullback from October levels near $104–107. Market-implied odds for an all-time high by year-end or early 2027 remain modest because sustained rallies to $147 would require larger supply disruptions or demand surges than current futures curves and inventory data suggest. Key variables include OPEC+ output decisions, U.S. production trends, and any renewed Middle East developments that could reprice risk premiums in the months ahead.