WTI crude oil futures are trading near $93.80 per barrel as of October 12, 2026, supported by persistent geopolitical supply risks that have lifted prices more than 57% year-over-year. Escalating Middle East tensions, including attacks on tankers in the Strait of Hormuz and Saudi infrastructure, have sustained elevated risk premiums and prompted inventory draws, with U.S. commercial crude stocks falling 3.2 million barrels recently. Gulf of Mexico production shut-ins remain material though easing, while OPEC+ held November output steady and the next ministerial meeting is scheduled for November 1. Weaker Chinese demand and recovering U.S. output provide some offset, but market-implied pricing continues to reflect tight near-term balances amid ongoing regional disruptions.