According to Wallstreetcn analysis, Brent crude spot prices remain high, but option market flows have clearly shifted towards put options, betting on a decline in oil prices once risk premiums fade. Morgan Stanley data shows that the correlation between WTI and the US 10-year Treasury yield has risen to a 35-year high, while the negative correlation between US equities and the 10-year yield is the strongest since 1960, indicating an increased macro hedging attribute for crude oil.