WTI crude oil is trading near $93–94 per barrel as of October 12, 2026, supported by persistent Middle East supply risks that have kept Brent above $100 while the Brent-WTI spread remains wide. Recent easing of Gulf of Mexico production shutdowns following hurricane-related disruptions has reduced immediate scarcity pressure, with shut-in volumes declining from earlier peaks, though restarts remain gradual. Offsetting this, prospects for higher Russian exports tied to regional ceasefire developments add downside risk. Traders are focused on upcoming U.S. inflation releases, including October 14 CPI and PPI data, which could influence monetary policy expectations and near-term demand signals. Weekly price action will likely hinge on the interplay between these geopolitical factors, inventory trends, and macroeconomic releases.