News Summary

• Yields are above multidecade highs, both gas and diesel prices continue to climb, and critical midterm elections are around the corner.
• In the Middle East, dual fronts along the Strait of Hormuz and the Red Sea have seen a resurgence of conflict that has heavily disrupted oil flows.
• Ukraine and Russia, which have been at war since Russia executed a stealth annexation of Crimea in 2014 and invaded its neighbor in February 2022, recently both escalated offensive strikes against critical infrastructure ahead of another winter.