Will Crude Oil reach a new all-time high by September 30?

Recent de-escalation in Middle East tensions, including the June 2026 U.S.-Iran memorandum reopening the Strait of Hormuz, has driven WTI crude prices down sharply from Q2 peaks above $100 per barrel to around $82 as of mid-August 2026. Record U.S. shale output, recovering Persian Gulf flows, and projected inventory builds are creating a modest surplus, keeping prices well below the 2008 all-time high of $147.27. Trader sentiment reflects these fundamentals, with OPEC+ compliance, weekly EIA inventory data, and moderating global demand growth as key near-term swing factors that could influence any renewed upside pressure.

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