Edward Meir's week in review and thoughts for the week of Oct. 5, 2026

Investor focus last week remained on the ongoing correlation between US treasury yields and oil prices, especially now that 10-year rates have reached fresh highs. Although crude prices are not at their recent peaks, they seem to be getting a second wind, with Brent now back over $100/barrel.

In terms of last week’s price action, Brent crude climbed by almost $5/barrel to settle at $102.25/barrel basis nearby futures as the Persian Gulf situation remains unsettled. However, the WTI contract finished down by about $1.20/barrel on the week. The disconnect between the two was due to the Trump administration’s discussion of a diesel export ban and pressure on the Europeans to release a portion of their substantial stockpile.