Recent geopolitical tensions in the Middle East, including attacks on shipping near the Strait of Hormuz and escalating Houthi-Saudi conflict, have sustained a significant risk premium in WTI crude, supporting prices near $97 per barrel as of mid-October 2026. A sharp 8.6 million barrel U.S. crude inventory draw to 415.6 million barrels, reported by the EIA for the week ending October 9, provided additional upward momentum alongside refinery utilization at 93.5%. OPEC+ maintained production quotas with its next meeting scheduled for November 1, while lowered demand growth forecasts and potential U.S. sanctions relief on shadow fleet tankers introduce offsetting pressures. Traders are monitoring these supply disruptions and inventory trends closely as October resolution approaches.