Oil prices surge higher into the weekend

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It will be another weekend of pain at the fuel pumps.WTI crude oil is finishing the week at the highest since September 21 and back over $100 per barrel. WTI last trade up $3.33 to $101.30. Brent crude also touched $110 for the first time since May.The strong rally to $101 from $98 in the final hours of trading today suggsets lingering worries about US attacks on Iran, particularly after all the news floated this week about the US military preparing MOAB attacks. Trump himself didn't push back against the reports when given the opportunity but he also previously wrote that the US won't attack Iran before the midterms. At the same time, things aren't looking great for Republicans in the polls and today the White House announced that new press secretary Katie Zacharia was asked to step down after just five days. We also learned today the US 2026 fiscal year deficit was the highest in five years. Trump may see fresh attacks as a Hail Mary opportunity to try to change the narrative around the war and inflation. Alternatively, Iran could try to escalate in order to further drive up oil prices and exact a toll on global consumers in order to gain leverage. In any case, there is no real catalyst in the news for today's big gain in oil. What it's doing is reverberating back into stock and bond markets and driving one of the worst days of the year in the Nasdaq, which was last down 2.2%.Technically, WTI faces resistance at the September high of $106.75 with some breathing room before then. The war high was $119.48 in early March, though the high close was $112.95 as some of the days during the war were extremely volatile.If nothing happens in the next couple weeks in oil, the focus will turn towards the post-midterms landscape. The vote is November 3 and the results of the vote could determine what happens next, with some reports saying Trump could make Secretary of Defense Pete Hegseth a scapegoat. What worries is that the vote doesn't change the equation much unless remaining Republicans insist that Trump ends it. This article was written by Adam Button at investinglive.com.