NY crude and oil rise on Middle East tensions; gold falls

Crude oil futures rose for a second session on the New York Mercantile Exchange on October 23, with West Texas Intermediate December contracts closing up $3.80 (3.8%) at $103.27 per barrel on heightened concerns over escalating Middle East tensions and potential supply disruptions. Iranian media reported that Army Commander Amir Hatami stated the military is prepared for "asymmetric warfare" during a drone facility visit, while reports emerged of US and Israeli plans to resume attacks on Iran after the November 3 midterm elections. Yemen's Houthi group continued attacks on Saudi Arabia, targeting energy facilities, airports, and military sites, raising fears of supply interruptions. Gold futures fell for a second session, with December contracts dropping $52.50 (1.3%) to $4,007.90 per ounce, briefly dipping below $4,000 to a seven-month low for the front-month contract, as US long-term yields rose back above 5%, reducing the appeal of non-yielding assets.