Geopolitical tensions from the ongoing U.S.-Iran conflict continue to anchor elevated crude oil prices, with Brent trading near $100–102 per barrel and WTI around $91 in early October 2026 after recent tanker attacks in the Strait of Hormuz and Red Sea disruptions curtailed Middle East flows. Global inventories sit at multi-year lows, down roughly 400 million barrels since March, supporting a persistent risk premium even as some export routes partially recover and G7 nations prepare emergency stock releases. OPEC+ held November output targets steady amid the uncertainty, keeping actual production well below pre-conflict levels. Traders are monitoring potential further escalations, diplomatic developments, and Chinese demand signals for clues on whether prices can challenge the 2008 nominal Brent record near $147.50 before year-end resolution.