NY crude extends gains above $90 after Hormuz tanker attack

NY crude oil futures rose for a second straight session on Friday, with the December contract for West Texas Intermediate closing at $90.83 per barrel, up $0.31 from the previous day. The price increase was driven by supply concerns following an attack on a tanker in the Strait of Hormuz, which boosted buying orders. However, gains were limited by selling pressure from expectations that the US midterm elections, where President Trump's Republican Party suffered a major defeat, could lead to an end to hostilities with Iran. The market's modest advance reflects a balance between geopolitical supply risks and hopes for reduced tensions in the Middle East following the election outcome.