Texas crude jumps 3.8% to $103.27 on US-Iran and Houthi attack fears

Texas crude oil rose 3.8% on Friday to $103.27 per barrel, driven by fears of a potential US escalation against Iran and new Houthi rebel attacks on Saudi Arabia. The WTI futures for December gained $3.80 from the previous close, with weekly gains around 2% amid concerns over prolonged US-Iran conflict. US Ambassador Mike Waltz acknowledged possible continued stalemate with Iran, while threats of new offensives persist after November 3 midterm elections. Saudi Arabia intercepted a Houthi ballistic missile, and oil flows through the Strait of Hormuz remain 26% below pre-war levels. US commercial crude reserves fell by 3.1 million barrels, adding upward price pressure.