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Today’s Brief

Sunday 16 August 2026

A weekend tape, but not a quiet one. The UAE said an ADNOC vessel was attacked near the Strait of Hormuz and pointed at Iran, urging the waterway's reopening, and crude firmed toward the low 80s on the news. That headline lands on a market that had spent the week relaxing: the VIX sits in the mid 14s and gold holds above 4,400, which is the odd couple worth watching. Volatility priced for calm while the oldest hedge in the book sits at records is a disagreement, and one of them is wrong.

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