WTI crude has fallen for a fifth straight session, slipping to $91.57 a barrel as fears of a Middle East supply shock ease. The retreat comes even as jet fuel and diesel prices in the region stay elevated on Hormuz-linked disruptions.
WTI crude dropped 0.87% to $91.57 a barrel on September 22, extending a five-day losing streak. The decline follows a run that had pushed the price above $104 a barrel earlier in the month.
The pullback is reshaping how traders view crude's chances of setting a fresh record. Odds of WTI reaching a new all-time high by September 30 now sit at 0.5% YES, reflecting reduced near-term supply risk. The longer-dated bet has softened too: odds for a new high by December 31 stand at 10.5% YES, down from 12% a day earlier.
Traders are watching for signals from OPEC and Saudi energy officials that could shift the outlook. Any change in Middle East stability or global demand could still move the probability in either direction.
Meanwhile, the crude retreat has not carried through to refined products. Jet fuel prices have surged alongside diesel because of supply disruptions tied to the Hormuz area, according to MarketWatch. In the U.S., jet fuel demand has reached 1.8 million barrels a day, with retail Jet-A prices averaging $8.49 a gallon in September 2026.
European diesel prices are also at record highs, since jet fuel and diesel draw from the same refining pool. As a result, tightening middle-distillate supply is keeping pressure on refined-product prices even as crude itself softens.
Source: Crypto Briefing
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