WTI Breaks $100 as Middle East Supply Crisis Deepens

October WTI crude oil futures are trading at $101. 26 early Friday, up $10. 04 or 11. 01% for the week so far. The contract traded as low as $90. 87 before reaching $104. 46, its strongest level since May.

Last week, the market was testing whether escorted cargoes and alternate routes could keep enough Gulf oil moving to reduce the war premium. This week, tanker attacks increased around the Strait of Hormuz, Saudi energy facilities came under attack, and the supply threat spread toward the Red Sea.