Recent OPEC+ output curbs and ongoing geopolitical risks in major producing regions have underpinned crude prices near multi-month highs, sustaining trader focus on whether benchmarks can test the 2008 all-time peak above $147 per barrel. Stronger-than-expected global demand growth, especially in Asia, has offset elevated U.S. shale supply, while a firmer dollar and softer inflation readings have tempered upside bets. Market-implied odds embed uncertainty around the next EIA weekly inventory release and December OPEC+ compliance meeting, both of which could shift the balance between tightening fundamentals and demand-side headwinds.