Most asset classes posted negative returns in September, a notable exception being oil. Concerns over tighter monetary policies outweighed a good economic environment. Given the ongoing situation regarding the Strait of Hormuz, oil prices continued to climb (+14% to USD 104.-/bbl for the Brent). This rise was also exacerbated by the attack from the Houthis on Riyadh and the Bab el-Mandeb Strait.