Crude oil rally pushes past $100 ahead of weekend

Drivers face another expensive weekend as fuel costs rise.

West Texas Intermediate crude ends the week at its highest level since September 21, again above $100 a barrel. The last trade for WTI showed a gain of $3.33, reaching $101.30. Brent crude also hit $110 for the first time since May.

The sharp move from $98 to $101 in the last hours of the session suggests persistent fears over potential US strikes on Iran, especially given the week's reports about the US military readying MOAB attacks. Donald Trump did not dispute those reports when asked, though he had earlier stated that the US would not attack Iran before the midterm elections.

Meanwhile, polls show Republicans facing a challenging landscape, and the White House disclosed that new press secretary Katie Zacharia was asked to resign after only five days. The US 2026 fiscal year deficit was the largest in five years, as reported today. Trump might view new strikes as a last-ditch attempt to shift the conversation around the war and inflation.

On the other hand, Iran might escalate tensions to push oil prices even higher, putting pressure on global consumers to gain leverage.

Regardless, no clear news catalyst explains today's sharp oil rise. The move is spilling over into equity and bond markets, contributing to one of the Nasdaq's worst sessions this year; the index was last down 2.2%.

On a technical level, WTI encounters resistance at the September peak of $106.75, with some space before that level. During the war, the high was $119.48 in early March, but the highest closing price was $112.95 due to volatile sessions.

If oil markets remain quiet over the next few weeks, attention will shift to the post-midterm environment. The election is on November 3, and its outcome could shape upcoming events; some reports suggest Trump might blame Secretary of Defense Pete Hegseth. The concern is that the vote may not alter the situation significantly unless remaining Republicans push Trump to end the conflict.