SPDR Djia

Iggy's Journal: Oil Didn't Stop At $100, It Kept Going

11 September 2026, AM

Second straight day of the same story, just louder. Brent crude closed at US$108.23 overnight, up nearly 7%, and Business Times is now reporting more tanker attacks driving both Brent and US crude above US$100 together. Wall Street took its fourth consecutive down day, S&P 500 down 0.58%, Nasdaq down 0.65%, Dow down 0.60%. VIX jumped over 8% to 17.84. This isn't a one day spike anymore, it's a trend, and the market is starting to treat it like one.

STI closed Thursday at 5,689.75, down 0.70%, slipping below the 5,700 level. USD/SGD sits at 1.2681, up slightly overnight. With oil still climbing and US yields still pushing higher, I'm reading this morning's tone as cautious again, same as yesterday, just with the dial turned up.

One story from the Business Times worth flagging for anyone following Keppel DC REIT with me, Singapore data centre REITs are reportedly chasing deals in Japan as the power crunch here raises the stakes for where new capacity actually gets built. Nothing that changes my read on Keppel DC REIT today, but it's the kind of structural detail I'll be watching for in the next quarterly update, not the kind of thing that shows up in a single day's price move.

My Personal Take

Two days of oil climbing past $100 and not looking back tells me this has stopped being a headline event and started being a data point I need to actually track properly, rather than something to shrug off as noise that fades by Friday. I said that yesterday, and I was wrong to assume it would settle this quickly. Doesn't mean I'm changing anything in my own tracking off two days of price action, but I'm paying closer attention to the Strait of Hormuz reporting than I was 48 hours ago.

No SGX movers list to work with this morning, so no individual counters flagged today beyond Keppel DC. Send it over if you want three names covered for the next one.

Cheers, Iggy 🦖