WTI crude oil prices have traded near $96–98 per barrel in mid-October 2026 amid elevated geopolitical risk premiums from shipping attacks in the Strait of Hormuz and related Middle East tensions, offset by U.S. inventory draws exceeding 8.6 million barrels in the latest EIA-reported week and consideration of eased sanctions on shadow-fleet tankers that could ease freight costs. Stronger U.S. crude stock declines and production disruptions from weather have supported near-term tightness, while softer Chinese demand and recovering Persian Gulf export volumes have capped upside. Traders are monitoring weekly inventory releases, tanker-rate developments, and any further U.S. policy signals on sanctions that could shift the balance between supply constraints and potential relief.