November WTI Futures Pull Back to $102.75 From $110.48 High

November West Texas Intermediate (WTI) futures fell to $102.75 a barrel Tuesday, Oct. 20, after reaching $110.48 during the session, a sharp turn in an oil market watched by inflation-sensitive crypto traders.

The November contract was down 0.9% at the later quote. December WTI traded at $97.50, down 1%, leaving a substantial gap between the two contract months.

December Brent futures reached a session high of $111.99 before declining to $108.31 a barrel, down 1%. The global benchmark had traded near $108 late Monday.

Attacks on commercial vessels in the Strait of Hormuz and strikes against Saudi Arabia kept Middle East supply risks in focus. Hopes for diplomatic progress between the United States and Iran also shaped Tuesday’s trading.

For crypto markets, oil prices are part of the inflation and interest-rate backdrop that influences sentiment toward risk assets. The November WTI contract expires Tuesday.