TMAD Commodities: Brent Oil Price Hit $100

$GLD $SLV $USO $BNO $URA

Hello Traders,

The Middle East conflict has widened to the Red Sea as Houthi forces target Saudi oil tankers attempting to bypass the blocked Strait of Hormuz. With Russian exports curbing and global inventories shrinking, this dual-chokepoint crisis has pushed Brent crude back above $100 a barrel, driving a sharp increase in retail diesel and gasoline prices across Europe.

Global bond yields are steadily climbing, stoking fears of an aggressive hawkish pivot from central banks and injecting volatility across broader markets. For the Trump administration ahead of the midterms, the strategic path forward narrows to two choices: accept a damaging diplomatic compromise or seize total control of the Strait of Hormuz, driving crude prices higher in the process.

Given the recent push for expanded defense funding, the latter stands as the base case, suggesting elevated market volatility is here to stay.

POSITIONING UPDATE

BNO 0.00%↑ BRENT OIL ETF