Oil prices surged sharply on Thursday — Brent crude rising 4.07% to $104.28/bbl and WTI gaining 3.64% to $91.49/bbl — on a confluence of Middle East supply risks including tanker attacks in the Strait of Hormuz, Houthi actions, and Hurricane Isaias forcing shutdowns of roughly 25% of US Gulf crude production. Hawkish Fed minutes from the September meeting reinforced expectations of a likely December rate hike, with FedWatch odds running at 69–83%, while Fed Governor Waller echoed that further tightening remains probable; US 10-year Treasury yields held near multi-decade highs, closing around 5.28% and widening the 2s10s spread as the long end bore the brunt of energy-driven inflation repricing. Some immediate geopolitical tension eased late in the session after President Trump stated the US would not attack Iran before the November 3 midterms, providing a modest floor for risk assets into Friday's open. Cross-asset implications are pointed but nuanced: energy-driven inflation keeps the Fed on a hawkish path and compresses multiples for long-duration growth assets, most visibly in tech, while defensives, energy equities, and financials benefiting from elevated net interest margins find relative support. The widening WTI-Brent spread of -$12.27/bbl signals acute seaborne supply tightness, and with the VIX edging up 2.19% to 15.41, investors should expect continued rotation away from high-multiple technology and into value and commodity-linked names ahead of the US open; the 10:00 ET UoM Consumer Sentiment print (forecast 47.5 vs. prior 47.8) and inflation expectations reading will be the primary macro catalysts for Friday.