Middle East geopolitical tensions have driven WTI crude oil prices sharply higher in recent weeks, with futures settling near $103 per barrel on October 23 amid fears of renewed U.S.-Iran escalation and Houthi attacks disrupting tanker flows through the Strait of Hormuz. U.S. commercial inventories fell 3.06 million barrels in the latest EIA report, while production edged lower, tightening near-term supply balances. OPEC+ output rose in September but faces ongoing constraints, and the group has trimmed its 2026 demand-growth forecast. Traders are monitoring U.S. midterm elections and potential policy responses, which could sustain elevated risk premiums through month-end settlement.