WTI crude slid below $100/bbl, down 1.23% intraday; spot gold edged higher.

CITIC Securities says Oct 2026 vessel attacks in the Middle East exceeded September, adding volatility to freight. VLCC 1‑yr time‑charter rates remain stable, but last week’s spot pullback triggered market concern. Short‑term cargo release rhythms and rising attacks have disturbed spot flows; effective demand is climbing while increased Middle East loadings are squeezing tanker supply. With peak‑season cargoes set to concentrate, VLCC rates are likely to resume an upswing. Converting non‑compliant vessels to compliant status faces class certification, insurance and other hurdles, and older fleet age means net effective capacity loss is likely under 20 ships. Current rate pressure stems from strong upstream export demand and downstream inventory draws that tighten crude transport; persistent regional tensions make shipping tightness unlikely to ease. Ongoing downstream draws are building restocking demand and should keep crack spreads elevated. Monitor news‑driven oversold moves as tactical positioning opportunities.

UK DMO to launch its first 12-month Treasury bill in January 2027.