Wednesday, 30 September 2026
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A Russian diesel tanker is heading to New York under a surprise Putin-Trump deal, delivering a symbolic political win for Moscow and pre-election relief for Washington. But volumes are marginal, Ukraine is furious, and the real story is energy policy becoming election-year diplomacy.
Spot gold declined to under $4,000 per ounce on Friday, marking the first occurrence since late July. This drop continues a severe selloff that has resulted in a loss of approximately 15% in the metal's value since its peak on August 25.
Brent crude surged past $115/barrel, nearing its March Iran War peak, as US-Israeli strike plans and broken Gulf shipping logistics drive a war premium. Freight costs and a 60% collapse in regional diesel exports signal structural supply stress, not just speculation.
The US Federal Reserve is set to hold rates next week. A hike in December is the bigger story.
Eurozone growth is fading as France's budget turmoil and $100 oil squeeze the bloc. The ECB is expected to hold at 2.5% on October 29, leaving any further hike to December.
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