13/10/2026
When markets face pressure from several directions at once, my focus is on looking past the noise to understand the real mechanics driving this.Here is what moved markets this week:
• Oil amp; Diesel: Despite a deal to release 13.5m barrels of Russian diesel, Octobers 2.3m shipment barely touches 30m daily global demand. US retail diesel sits at $6.28/gallon (up from $3.68 last year), and Brent crude is up 66% year-to-date, remaining above $100.
• Shipping amp; Gulf risks: Tanker attacks in the Strait of Hormuz (9 in October, 15 in September) and strikes on Gulf energy assets have driven up costs. Shipping crude from the Middle East to Europe added $35 per barrel in September, compared to $2 in 2025.
• US Mid-terms: With under three weeks to go, inflation and war are weighing heavily on polling. Democrats need a net gain of 3 seats to take the House, while the Senate (currently 53 to 47 Republican) requires a 5-seat net swing.
• Eurozone debt: Bond spreads for France, Italy, and Spain against German bunds have widened, echoing 2010 to 2012 jitters. But stronger bank capital rules, ECB backstops, and Frances diversified economy provide key buffers.
Read the full article here: https://partnership.sjp.co.uk/article/detail/sjpp/weekwatch-12-10-2026