22-week high: Crude Oil climbs following Gulf attacks

• 22-week high for WTI as prices breach the range established on Monday.
• As a tanker comes under attack leaving Hormuz, Aramco evacuates its headquarters.
• Following his comments on Iran, President Trump addresses a Friday rally in Fort Myers.

WTI has reached a 22-week high just below $103.00. Prices have climbed from around $98.50, breaking out of the $95.00-$101.00 range that held from Monday to Thursday. The move follows two days of Houthi attacks in Saudi Arabia and strikes on vessels departing the Strait of Hormuz. WTI is now trading in the upper fifth of its session range.

Following the deaths of two people from Houthi drone debris at the Shaybah field, Saudi Aramco (2222.SR) instructed its remaining employees on Thursday to evacuate its Dhahran headquarters. On Friday, UK Maritime Trade Operations reported that an unidentified projectile had struck a tanker leaving Hormuz near Limah in Oman. Both incidents hit supply still flowing out of the Gulf. Thursday's WTI gains have extended into Friday.

The war could continue for another year, US Ambassador to the United Nations Waltz told the Financial Times. President Trump, by contrast, said the US could bring it to an end very quickly. According to Ambassador Waltz, the Navy can maintain its blockade of Iran's ports for the foreseeable future. Kpler expects the blockade to reduce Iran's Crude Oil revenue to zero by mid-December. Either timeline keeps Iranian barrels out of a market already facing a shortage of Gulf supply.

Friday rally and post-midterm strike planning

After telling reporters that the US is taking all the Crude Oil it wants out of Hormuz, President Trump is holding a Friday midterm rally in Fort Myers, Florida. According to ABC News, The Atlantic and The New York Times, US and Israeli preparations for strikes on Iran after the November 3 midterms are proceeding. No decision has been taken, officials say. Such strikes would target Gulf supply already coming under attack.

$102.00 peak cleared as momentum turns overbought

After exceeding the September 15 peak just above $102.00, WTI has returned to trade near that level. The advance from the August 6 trough near $74.00 now totals about $28. Meanwhile, the 50-day Exponential Moving Average (EMA) has moved up to just above $91.50. For the first time since mid-September, daily momentum has entered overbought territory.

Daily chart: WTI spot