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October WTI is trading above $89.99 after settling above it twice, so an above-threshold September 3 settlement is likely.
October WTI entered September 3 around $90.75 after a $91.01 settlement and a strong three-session rise. Severe disruption to Strait of Hormuz traffic and falling U.S. inventories support prices. However, the cushion above $89.99 is less than one dollar, recent trading has crossed below the threshold, and recovering Gulf exports could quickly unwind part of the conflict premium. An above-threshold settlement is therefore the more likely outcome, but substantial intraday volatility leaves meaningful uncertainty.
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