Surging Energy Prices May Be Their Own Worst Enemy The 2026 energy crisis is breaking stuff, notably government bond markets, with reversion implications for most markets. Brent crude oil at $102 a barrel on Oct. 2 was first traded in 2008 and may indicate the potential upside for crude prices -- or a lack of staying power for roughly two decades. My bias leans toward a continuation of the latter in highly autocorrelated energy, especially versus less price-elastic metals, with gold the prime example. Led by precious, the metals group is the only major sector to make a new high in 2026, and most central banks hiking rates is a major headwind. My graphic features the fed funds future in one year (FF13) approaching 5% and indicating three 25-bps hikes. A purge in energy prices and/or the stock market are top forces that could curtail central-bank restraint. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tm66hgkiups5 {BI COMD} #crudeoil #gold #energy #federalreserve @BBGIntelligence