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Line chart of daily WTI crude futures closes from September 2 to October 1, 2026, with a five-day average line.

Oil fell sharply from its September peak without any visible progress in US-Iran talks, because supply is recovering faster than diplomacy. The Saudi East-West pipeline is about half restored, the United States has announced a reserve release, and Saudi shipments through Hormuz have resumed. Oil feeds Canadian inflation and rate expectations, so the move matters for the October 28 Bank of Canada decision. The tail risk is a renewed attack on tankers or the pipeline.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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