Geopolitical tensions in the Middle East, including Houthi attacks on Saudi infrastructure and shipping risks near the Strait of Hormuz, have provided the primary support for WTI prices amid heightened supply disruption concerns. As of October 12-13, 2026, front-month WTI futures traded near $92.50-$93.74 per barrel after modest daily swings, reflecting a balance between these risks and countervailing factors such as prospects for additional Russian diesel exports following U.S. announcements and gradual recovery in Gulf of Mexico output, where shut-in production eased from over 70% to about 57% of reported volumes. Inventory draws and OPEC's lowered demand growth forecast add further nuance to near-term trader positioning, with volatility measures underscoring uncertainty ahead of any resolution in regional conflicts.