US Crude Oil Futures Settle 3% Higher at $92.87/BBL

US Crude Oil Futures: US crude oil futures are standardized contracts for West Texas Intermediate crude traded on the New York Mercantile Exchange, providing a benchmark for anticipated U.S. oil prices. The reported contract settled sharply higher, reflecting a strong daily gain in the market. • President Donald Trump denied plans to offer Iran sanctions relief, while negotiations remained stalled. • Ongoing disruption around the Strait of Hormuz is limiting or complicating Middle East oil exports. • U.S. gasoline and distillate inventories declined sharply, adding near-term support to crude prices. • OPEC+ is expected to keep November production targets steady at its October 4 meeting. • The EIA estimates global oil inventories have fallen by about 400 million barrels in 2026, keeping prices elevated. • The move increases the significance of geopolitical developments and inventory data for oil-related prediction markets.