WTI traded near $92.71 on September 23 inside a September range that ran from about $79.62 to $105.63, and these legs settle on whether price touches a high or low anytime in the month. That band already tagged the $105 high leg and the $80 low leg, which is why the $95 high and $85 low legs carry real weight while $120-plus and sub-$70 sit thin. Hormuz is the whole story, with attacks on tankers and a partial Saudi pipeline restart pulling in opposite directions. An escalation reprices the upper strikes in a session. A credible reopening deal collapses them just as fast.
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