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WTI sits only 0.55% below the strike amid severe supply disruption, so an October-contract settlement above $92.99 is narrowly favored.
The settlement-basis price is only 0.55% below the threshold, and September 7 trading has already reached above it. Restricted Strait of Hormuz traffic and attacks on energy shipping support another upward move, while recent sub-threshold settlements, weak Chinese imports, and seasonal refinery maintenance limit the margin. A narrow finish above $92.99 is more likely, but sharp moves in either direction remain plausible before settlement.
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