Energy led Q3 2026 commodity gains as refined-product prices rose and Brent peaked at $109

VanEck said energy was the main driver of broad commodity strength in the third quarter of 2026, with conflicts and refining constraints pushing refined-product prices higher. The firm reported that the UBS Constant Maturity Commodity Index and the Bloomberg Commodity Index each ended September up roughly 32% year to date, and Blockchain.News noted that the source material did not break out the exact quarterly return. Blockchain.News added that Brent front-month futures began the quarter at $72 a barrel on July 1, moved above $100 on July 23, peaked at $109 on Sept. 15 and averaged about $104 over the final two weeks, and said those figures describe the quarter under review rather than the current market quote. The same outlet's background material attributes the rally to renewed Middle East military strikes, Strait of Hormuz disruptions, attacks on energy infrastructure, recovering Chinese crude imports and slower U.S. Strategic Petroleum Reserve releases in September, and reports U.S. refinery utilization averaging 95% with gasoline crack spreads more than double a year earlier. Blockchain.News is the only outlet carrying the story, and the full VanEck note was not available to the desk, so the price path and refinery figures reach this account only through that outlet's background.