WTI settled at $104.12 on October 30, $4 clear of the $100 line

US West Texas Intermediate crude futures settled at $104.12 a barrel on Friday, October 30, up $2.12, or 2.08%. That is the highest settlement since the end of April, and it leaves the benchmark above $100 going into Monday, November 2. The cushion is real but not huge. WTI gained 15.2% in October, and Brent's December contract expired at $117.64 after touching $118. Reports also describe the week as choppy, with three sessions of declines on hopes for diplomacy before the Friday jump. A $4 gap is not much for a market this jumpy. The reported driver is supply risk tied to the Iran war. A tanker in the Strait of Hormuz was hit by explosive devices on Friday, according to the UK maritime security service. A tally of UKMTO reports showed at least 35 attacks on shipping in the Gulf and Hormuz during October, the most in any month since the conflict began in February. Traders are also bracing for a possible escalation after the US midterm elections on November 3. The risks run both ways. Saxo Bank said oil could get even more volatile in the next couple of weeks. A diplomatic breakthrough could take the premium out quickly, as the earlier down sessions suggest. Another report noted speculators have been trimming net long positions. What to watch: any sign over the weekend that talks to end the war are gaining traction. That is the development most likely to pull WTI back under $100 before Monday's close.