> ## Content Index > Fetch the complete content index at: https://bullquill.com/llms.txt > Use this file to discover other available public pages before exploring further. # WTI crude oil closes below $100, 11.6% under its April peak - URL: https://bullquill.com/wti-crude-oil-below-100-correction-trend/ - Published: 2026-10-28T04:09:30.000Z - Updated: 2026-10-28T05:17:06.000Z - Description: US crude slipped into correction territory against its April peak, yet it is still up nearly 12% in a month and above its 50- and 200-day averages as Gulf supply stays tight. - Author: Rowan Ashby - Tags: Markets, Trending, WTI Crude, Brent Crude, Iran, Strait of Hormuz, Houthis, #lang-en, #tr-wti-crude-oil-below-100-correction-trend WTI crude oil settled at $99.90 a barrel on Tuesday, October 27, 2026, its first close below $100 since October 23\. The December NYMEX contract fell $1.86, or 1.83%, according to Bloomberg's settlement report, carried by Rigzone, and Korea's Financial News. That leaves US crude 11.6% below its April closing high, which puts it in correction territory. ## Key takeaways - WTI crude oil (December contract) settled at $99.90 on October 27, down 1.83%. Brent (ICE) settled at $113.88, down 1.67%, according to the same reports. Data as of the October 27 settlements (about 18:30 UTC). - The close is 11.6% below the 52-week closing high of $112.95 set on April 7, 2026, according to Yahoo Finance daily data. A fall of more than 10% from a peak is commonly called a correction. - The longer trend is still up. WTI is 11.8% higher over 20 sessions and trades above its 50-day ($93.62) and 200-day ($85.71) moving averages, according to Yahoo Finance data. - Bloomberg and Korea's Financial News tied Tuesday's drop to diplomacy around the Iran war, including an Iranian proposal to reopen the Strait of Hormuz. Supply risks remain: Gulf exports and Hormuz transit volumes are still below normal, according to ANZ Research. - Next on traders' calendars: the result of Israel's October 27 election, a Federal Reserve decision this week and the US midterm elections on November 3. ## WTI crude oil trend in numbers The table separates the settlement prices confirmed by newswires from the trend measures calculated on Yahoo Finance daily data. All figures are as of the October 27, 2026 settlement (about 18:30 UTC). | Measure | Value | Source (data as of) | | ----------------------------------------- | ----------------------------------------------- | ------------------------------------------------------------------ | | WTI settlement, December contract (NYMEX) | $99.90 (−$1.86, −1.83%) | Bloomberg via Rigzone; Financial News (Oct 27 settle, \~18:30 UTC) | | Previous WTI settlement | $101.76 | Yahoo Finance; consistent with the −$1.86 move (Oct 26 settle) | | Brent settlement, December contract (ICE) | $113.88 (−$1.93, −1.67%) | Bloomberg via Rigzone; Financial News (Oct 27 settle) | | 5-session change, WTI | −1.86% | Yahoo Finance daily data (Oct 27 close) | | 20-session change, WTI | +11.77% | Yahoo Finance daily data (Oct 27 close) | | 52-week closing high | $112.95 (Apr 7, 2026); now −11.6% | Yahoo Finance daily data (Oct 27 close) | | 52-week closing low | $55.27 (Dec 16, 2025); now +80.8% | Yahoo Finance daily data (Oct 27 close) | | 50-day moving average | $93.62 (price 6.7% above) | Yahoo Finance daily data (Oct 27 close) | | 200-day moving average | $85.71 (price 16.6% above) | Yahoo Finance daily data (Oct 27 close) | | Brent prompt spread | About $5 a barrel, up from $3.69 a week earlier | Bloomberg via Rigzone (Oct 27) | The two readings point in different directions. On a six-month view, WTI has slipped from its spring peak. On a one-month view, it has gained about 12%. Bullquill's [intraday report on Tuesday's fading rebound](https://bullquill.com/wti-crude-slips-to-100-88-rebound-fades/) covered the session itself. This article looks at the multi-session picture. ## Why WTI crude oil fell below $100 ### Diplomacy is trimming the war premium Bloomberg reported that oil fell as traders weighed moves to de-escalate tensions in the Persian Gulf. According to the same report, Iran said it is flexible on a proposal to reopen the Strait of Hormuz if the US lifts its blockade of Iranian ports within seven days. Officials from Saudi Arabia, Turkey and Pakistan visited Tehran on October 26, according to Bloomberg and Korea's Financial News. Some traders unwound long positions on hopes for progress, BigGo Finance reported. Earlier in the session, analyst Sugandha Sachdeva of SS WealthStreet said crude was "witnessing profit-taking after surging to multi-month highs," Oilprice.com reported. ### Elections add uncertainty Israel voted on October 27\. Robert Yawger, director of energy futures at Mizuho Securities USA, told Bloomberg: "If Netanyahu loses, it makes it difficult for Trump to go it alone." Bloomberg also reported that President Donald Trump has suggested strikes on Iran could resume after the November 3 US midterms, and that he told Fox News it was "getting to be decision time." Ole Hansen of Saxo Bank told Bloomberg that for prices to fall, "traders need solid statements from all sides." ### Why the 20-session trend is still higher October's gains came with a run of supply shocks. Brent rose above $117 the previous week, its highest since April, after suspected Iranian attacks on tankers near Hormuz. The Washington Institute for Near East Policy counted 28 attacks on commercial vessels in and around the strait in October as of October 23, the most in any month since its tracking began in 2017\. ANZ Research said Gulf crude exports have fallen for four straight weeks and Hormuz transit volumes are about 60% of normal. Houthi forces in Yemen also claimed an attack on Saudi Arabia's Ras Tanura facility, and Bloomberg reported that a fire near the terminal was contained. Bullquill covered the earlier [Houthi missile strikes on Saudi Arabia](https://bullquill.com/houthi-missiles-riyadh-airport-reopens-saudi/). Bloomberg also reported that crude flows have recovered to around prewar levels. That differs from ANZ's estimate, so supply data are mixed. Analysts have not given one confirmed explanation for the drop from the April peak to today's level. For the full period, **the cause has not been confirmed** beyond the shifts between war and diplomacy described above. ## Key levels being watched - **$100 for WTI.** Media coverage centred on WTI falling back under $100\. Korea's Financial News noted it was the first close below that level since October 23. - **The Brent high of about $117 from last week.** Bloomberg-based reports described this as Brent's highest level since April. - **Backwardation.** Bloomberg said Brent's prompt spread widened to about $5 from $3.69 a week earlier. That is steep backwardation, which the report called "a bullish pattern." It signals tight physical supply now, even as futures prices dip. None of the sources reviewed for this article gave other specific WTI price levels, and Bullquill does not set price targets. ## What we know and what we don't know yet **Known:** WTI and Brent settlement levels on October 27; WTI's distance from its April high and its position above both major moving averages; the Tehran talks and Iran's stated flexibility on Hormuz; ANZ's data on lower Gulf exports. **Not yet known:** the result of Israel's election; whether the US accepts any Hormuz proposal; the outcome of this week's Federal Reserve meeting; and whether Trump will order new strikes after November 3\. Each could change the war risk premium priced into crude. ## What it means The close below $100 shows that diplomacy headlines can quickly take part of the war premium out of oil. The trend data, though, are mixed. WTI is in correction territory compared with April, yet it is still well above its 50-day and 200-day averages and up about 12% in a month. With Gulf exports below normal, attacks on shipping at a record pace and backwardation widening, the physical market remains tight. For consumers, prices this high keep pressure on [US gasoline costs](https://bullquill.com/us-gas-prices-strain-household-budgets/), [airfares](https://bullquill.com/us-airlines-higher-fares-fuel-costs-capacity/) and the [inflation outlook that central banks are watching](https://bullquill.com/how-oil-price-shocks-hit-inflation-and-rates/). For weekly context, see the [oil weekly brief](https://bullquill.com/oil-weekly-brief-2026-10-23/). ## Frequently asked questions ### Why did oil prices fall below $100 on October 27, 2026? WTI settled at $99.90, down $1.86, as traders weighed de-escalation moves in the Persian Gulf, according to Bloomberg's settlement report carried by Rigzone. Iran said it is flexible on a proposal to reopen the Strait of Hormuz if the US lifts its blockade, and Saudi, Turkish and Pakistani officials held talks in Tehran on October 26. ### Is WTI crude oil in a correction? Yes, measured against its 52-week closing high of $112.95 on April 7, 2026\. The $99.90 close on October 27 is 11.6% below that peak, according to Yahoo Finance daily data. Over 20 sessions, though, WTI is still up about 11.8%. ### What is the price of WTI and Brent crude today? At the October 27, 2026 settlement, December WTI (NYMEX) was $99.90 a barrel and December Brent (ICE) was $113.88, according to Bloomberg's report carried by Rigzone and Korea's Financial News. Check a live exchange quote for prices after that time. ### Why are oil prices still high in 2026? The Iran war has disrupted shipping through the Strait of Hormuz. ANZ Research said Gulf crude exports fell for four straight weeks and Hormuz transit volumes are about 60% of normal, and the Washington Institute counted a record 28 attacks on vessels near the strait in October. This article is for information only and is not investment advice.