WTI crude oil prices have traded in a volatile $90–106 range through mid-to-late September 2026, driven primarily by Middle East supply disruptions from the U.S.-Iran conflict, Houthi attacks on pipelines and Red Sea routes, and resulting shut-ins averaging over 5 million barrels per day. Elevated geopolitical risk premiums have supported prices near four-month highs earlier in the month, offset by surprise U.S. inventory builds, Saudi Arabia’s use of alternative export routes via Oman, and easing of immediate pipeline concerns that triggered recent pullbacks toward $94–96. EIA data show global inventories drawing down sharply, keeping the market tight, while forecasts point to averages near $90 for the second half of 2026 as flows gradually recover. Traders are monitoring ongoing conflict developments and weekly inventory reports for near-term swings.