Oil Is Writing the Rate Path

Markets on Monday, September 28, 2026: the crude spike that faded, a Fed that has started hiking again, and why gold stopped acting like a hedge

The Short Version

If you only read one section, read this one.

• The weekend brought a geopolitical shock, and oil has since given it all back. President Trump rejected an Iranian proposal to end the conflict and reopen the Strait of Hormuz. Crude gapped higher on the open: WTI traded near $96 and Brent above $108. By early afternoon New York time, November…