The requested briefing is being assembled.
Markets
Price is the market’s standing assessment of risk to supply. These are the instruments that move when a waterway is threatened, read alongside the transit counts that say whether traffic has actually changed.
Closing levels and the change on the session. The sparkline carries the selected window (1 day); the range beneath it sites the current level against that window, and each tile states how many observations it actually holds.
Brent Crude
98.70 USD
+0.3% on the session
+0.2% across the session
Session range 98.27 – 99.29
70 five-minute bars on 2026-09-23
89th percentile of 526 sessions since 2024-08-28
WTI Crude
89.66 USD
-5.2% on the session
0.0% across the session
Session range 89.50 – 90.33
62 five-minute bars on 2026-09-23
85th percentile of 526 sessions since 2024-08-28
Henry Hub Natural Gas
3.1640 USD
-0.4% on the session
-0.4% across the session
Session range 3.1640 – 3.1910
70 five-minute bars on 2026-09-23
50th percentile of 526 sessions since 2024-08-28
RBOB Gasoline
3.2020 USD
+0.1% on the session
+0.1% across the session
Session range 3.1989 – 3.2202
63 five-minute bars on 2026-09-23
87th percentile of 526 sessions since 2024-08-28
Heating Oil
4.6251 USD
-6.4% on the session
-1.2% across the session
Session range 4.6251 – 4.6964
71 five-minute bars on 2026-09-23
97th percentile of 526 sessions since 2024-08-28
The one derived series the desk publishes. WTI prices landlocked US crude; Brent prices crude that must transit water to reach a refinery. Their difference strips out the global demand shock both grades share and leaves the part attributable to moving barrels past a chokepoint — so a spread that widens on a day with no demand story is a maritime signal, where the absolute price of either grade alone is not.
Equity markets of the states that sit on the waterways. These price the consequences of a disruption for the economies exposed to it, which is a different question from what a barrel costs.
Tel Aviv 125
4,173 ILS
+0.2% on the session
-0.6% across the session
The businesses of lifting, moving and refining the barrel, rather than the barrel itself. They can move against the benchmarks above on the same news: a supply shock that lifts crude also raises the cost of every input a refiner buys, and a services company with a Gulf contract book prices the risk to that book rather than the price of the cargo. The three tracking funds are listed last because they follow the benchmarks already printed above and add a tradeable price rather than a new fact.
Energy Select Sector SPDR
61.85 USD
-1.0% on the session
-1.1% across the session
The ships that have to make the passage. These usually move against the regional equities above rather than with them: a closure is bad for the economies on the strait and good for whoever owns the tankers that must now sail around it, so agreement between the two sections is itself worth noticing. Crude and product owners are listed before container and the sector funds, because Hormuz is a crude story and the Red Sea is a container one.
Frontline
47.51 USD
-4.6% on the session
-5.7% across the session
Two different questions, so two different tables. A Gulf currency is pegged to the dollar by its central bank, and the only reading that matters is whether the peg is holding — a percentage change on a defended parity describes noise, not news. A floating rate carries no parity, so its trend is the reading. Deviations are shown in basis points because the movements that matter here are too small to survive being rounded to a percent.
| Pair | Rate | Parity | Deviation | State | Trend |
|---|---|---|---|---|---|
| USD/AEDUAE | 3.67250 | 3.67250 | 0.0 bps | Holding |
Stories concerning the states whose instruments appear above, newest first. Each row names the instruments it was matched to, so the basis for the link is visible and can be rejected. The match is by country — the desk does not claim any of these stories moved a price, and nothing here is ordered by, or aligned to, market movement.
Every figure plotted above, in full. No value on this page is reachable only by hover or by reading a slope.
| Instrument | Symbol | Close | Ccy | Session | Change across the session | Session range low | Session range high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Brent Crude | CRUDE_BRENT | 98.70 | USD | +0.3% | +0.2% | 98.27 | 99.29 | 2026-09-23 | 70 five-minute bars on 2026-09-23 |
| WTI Crude | CRUDE_WTI | 89.66 | USD | -5.2% | 0.0% | 89.50 | 90.33 | 2026-09-23 | 62 five-minute bars on 2026-09-23 |
| Henry Hub Natural Gas | NATGAS | 3.1640 | USD | -0.4% | -0.4% | 3.1640 | 3.1910 | 2026-09-23 | 70 five-minute bars on 2026-09-23 |
| RBOB Gasoline | GASOLINE | 3.2020 | USD | +0.1% | +0.1% | 3.1989 | 3.2202 | 2026-09-23 | 63 five-minute bars on 2026-09-23 |
| Heating Oil | HEATOIL | 4.6251 | USD | -6.4% |
Session range 4,160 – 4,206
172 five-minute bars on 2026-09-22
86th percentile of 438 sessions since 2024-08-28
BIST 100
13,220 TRY
-0.9% on the session
-0.1% across the session
Session range 13,184 – 13,368
191 five-minute bars on 2026-09-22
74th percentile of 517 sessions since 2024-08-28
EGX 30
54,931 EGP
-0.1% on the session
-0.4% across the session
Session range 54,917 – 55,200
98 five-minute bars on 2026-09-22
26th percentile of 19 sessions since 2026-08-26
iShares MSCI Saudi Arabia
37.35 USD
+0.5% on the session
+0.2% across the session
Session range 37.25 – 37.40
150 five-minute bars on 2026-09-22
14th percentile of 518 sessions since 2024-08-28
iShares MSCI Qatar
16.71 USD
-1.0% on the session
-0.5% across the session
Session range 16.71 – 16.79
31 five-minute bars on 2026-09-22
0th percentile of 518 sessions since 2024-08-28
iShares MSCI UAE
20.18 USD
+0.6% on the session
+1.5% across the session
Session range 19.89 – 20.23
158 five-minute bars on 2026-09-22
93rd percentile of 518 sessions since 2024-08-28
iShares MSCI Israel
126.79 USD
-0.7% on the session
-0.4% across the session
Session range 125.63 – 127.31
55 five-minute bars on 2026-09-22
93rd percentile of 518 sessions since 2024-08-28
iShares MSCI Turkey
37.35 USD
-0.8% on the session
-1.3% across the session
Session range 37.27 – 37.85
146 five-minute bars on 2026-09-22
64th percentile of 518 sessions since 2024-08-28
Session range 61.54 – 62.71
332 five-minute bars on 2026-09-22
95th percentile of 518 sessions since 2024-08-28
Vanguard Energy ETF
174.30 USD
-1.0% on the session
-0.2% across the session
Session range 173.44 – 176.90
161 five-minute bars on 2026-09-22
94th percentile of 518 sessions since 2024-08-28
VanEck Oil Services ETF
395.08 USD
-0.4% on the session
-0.5% across the session
Session range 390.98 – 400.35
182 five-minute bars on 2026-09-22
81st percentile of 518 sessions since 2024-08-28
SPDR Oil & Gas Exploration
181.97 USD
-1.5% on the session
-1.8% across the session
Session range 181.25 – 185.50
222 five-minute bars on 2026-09-22
95th percentile of 518 sessions since 2024-08-28
iShares Oil & Gas E&P
132.70 USD
-2.2% on the session
-0.1% across the session
Session range 132.62 – 135.70
132 five-minute bars on 2026-09-22
95th percentile of 518 sessions since 2024-08-28
ExxonMobil
158.92 USD
+0.4% on the session
-0.2% across the session
Session range 155.83 – 159.96
266 five-minute bars on 2026-09-22
92nd percentile of 518 sessions since 2024-08-28
TotalEnergies
89.52 USD
-0.6% on the session
-1.2% across the session
Session range 88.31 – 90.57
194 five-minute bars on 2026-09-22
90th percentile of 518 sessions since 2024-08-28
SLB
52.26 USD
+1.0% on the session
+0.6% across the session
Session range 50.94 – 52.88
191 five-minute bars on 2026-09-22
86th percentile of 518 sessions since 2024-08-28
United States Brent Oil Fund
58.00 USD
-1.5% on the session
-2.5% across the session
Session range 57.41 – 59.92
295 five-minute bars on 2026-09-22
97th percentile of 518 sessions since 2024-08-28
United States Oil Fund
144.08 USD
-2.8% on the session
-3.8% across the session
Session range 143.06 – 149.82
345 five-minute bars on 2026-09-22
96th percentile of 518 sessions since 2024-08-28
United States Natural Gas Fund
10.92 USD
+6.4% on the session
+5.8% across the session
Session range 10.26 – 10.93
318 five-minute bars on 2026-09-22
15th percentile of 518 sessions since 2024-08-28
Session range 47.50 – 50.50
299 five-minute bars on 2026-09-22
98th percentile of 514 sessions since 2024-09-03
DHT Holdings
21.40 USD
-4.7% on the session
-4.6% across the session
Session range 21.35 – 22.62
247 five-minute bars on 2026-09-22
98th percentile of 514 sessions since 2024-09-03
International Seaways
104.00 USD
-4.7% on the session
-4.0% across the session
Session range 102.89 – 108.34
183 five-minute bars on 2026-09-22
98th percentile of 514 sessions since 2024-09-03
Teekay Tankers
95.60 USD
-3.2% on the session
-1.9% across the session
Session range 93.18 – 97.44
165 five-minute bars on 2026-09-22
98th percentile of 514 sessions since 2024-09-03
Scorpio Tankers
82.42 USD
-4.4% on the session
-3.4% across the session
Session range 82.33 – 85.28
176 five-minute bars on 2026-09-22
96th percentile of 514 sessions since 2024-09-03
TORM
34.99 USD
-5.7% on the session
-5.4% across the session
Session range 34.60 – 37.28
297 five-minute bars on 2026-09-22
97th percentile of 514 sessions since 2024-09-03
ZIM Integrated Shipping
30.67 USD
+0.7% on the session
+0.6% across the session
Session range 29.96 – 30.80
186 five-minute bars on 2026-09-22
100th percentile of 514 sessions since 2024-09-03
Breakwave Dry Bulk Shipping ETF
15.20 USD
-5.5% on the session
-5.3% across the session
Session range 15.20 – 16.08
145 five-minute bars on 2026-09-22
97th percentile of 514 sessions since 2024-09-03
SonicShares Global Shipping ETF
52.31 USD
-1.8% on the session
-1.2% across the session
Session range 51.58 – 52.93
143 five-minute bars on 2026-09-22
99th percentile of 514 sessions since 2024-09-03
| USD/BHDBahrain | 0.37690 | 0.37600 | +23.9 bps | Holding |
|---|
| USD/JODJordan | 0.70800 | 0.70900 | -14.1 bps | Holding |
|---|
| USD/OMROman | 0.38500 | 0.38450 | +13.0 bps | Holding |
|---|
| USD/QARQatar | 3.64000 | 3.64000 | 0.0 bps | Holding |
|---|
| USD/SARSaudi Arabia | 3.75520 | 3.75000 | +13.9 bps | Holding |
|---|
| Pair | Rate | Session | Regime | Session range | Trend |
|---|---|---|---|---|---|
| US Dollar IndexGlobal | 100.67 | +0.10% | Floating | 100.55 – 100.67 | |
| USD/EGPEgypt | 51.5800 | 0.00% | Floating | 51.5800 – 51.5800 | |
| USD/ILSIsrael | 3.00270 | +0.10% | Floating | 2.99770 – 3.00490 | |
| USD/KWDKuwait | 0.30730 | 0.00% | Managed basket | 0.30730 – 0.30730 | |
| USD/TRYTurkey | 48.8331 | 0.00% | Floating | 48.8154 – 48.8371 |
| -1.2% |
| 4.6251 |
| 4.6964 |
| 2026-09-23 |
| 71 five-minute bars on 2026-09-23 |
| Instrument | Symbol | Close | Ccy | Session | Change across the session | Session range low | Session range high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Tel Aviv 125 | TA125 | 4,173 | ILS | +0.2% | -0.6% | 4,160 | 4,206 | 2026-09-22 | 172 five-minute bars on 2026-09-22 |
| BIST 100 | BIST100 | 13,220 | TRY | -0.9% | -0.1% | 13,184 | 13,368 | 2026-09-22 | 191 five-minute bars on 2026-09-22 |
| EGX 30 | EGX30 | 54,931 | EGP | -0.1% | -0.4% | 54,917 | 55,200 | 2026-09-22 | 98 five-minute bars on 2026-09-22 |
| iShares MSCI Saudi Arabia | KSA | 37.35 | USD | +0.5% | +0.2% | 37.25 | 37.40 | 2026-09-22 | 150 five-minute bars on 2026-09-22 |
| iShares MSCI Qatar | QAT | 16.71 | USD | -1.0% | -0.5% | 16.71 | 16.79 | 2026-09-22 | 31 five-minute bars on 2026-09-22 |
| iShares MSCI UAE | UAE | 20.18 | USD | +0.6% | +1.5% | 19.89 | 20.23 | 2026-09-22 | 158 five-minute bars on 2026-09-22 |
| iShares MSCI Israel | EIS | 126.79 | USD | -0.7% | -0.4% | 125.63 | 127.31 | 2026-09-22 | 55 five-minute bars on 2026-09-22 |
| iShares MSCI Turkey | TUR | 37.35 | USD | -0.8% | -1.3% | 37.27 | 37.85 | 2026-09-22 | 146 five-minute bars on 2026-09-22 |
| Instrument | Symbol | Close | Ccy | Session | Change across the session | Session range low | Session range high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Energy Select Sector SPDR | XLE | 61.85 | USD | -1.0% | -1.1% | 61.54 | 62.71 | 2026-09-22 | 332 five-minute bars on 2026-09-22 |
| Vanguard Energy ETF | VDE | 174.30 | USD | -1.0% | -0.2% | 173.44 | 176.90 | 2026-09-22 | 161 five-minute bars on 2026-09-22 |
| VanEck Oil Services ETF | OIH | 395.08 | USD | -0.4% | -0.5% | 390.98 | 400.35 | 2026-09-22 | 182 five-minute bars on 2026-09-22 |
| SPDR Oil & Gas Exploration | XOP | 181.97 | USD | -1.5% | -1.8% | 181.25 | 185.50 | 2026-09-22 | 222 five-minute bars on 2026-09-22 |
| iShares Oil & Gas E&P | IEO | 132.70 | USD | -2.2% | -0.1% | 132.62 | 135.70 | 2026-09-22 | 132 five-minute bars on 2026-09-22 |
| ExxonMobil | XOM | 158.92 | USD | +0.4% | -0.2% | 155.83 | 159.96 | 2026-09-22 | 266 five-minute bars on 2026-09-22 |
| TotalEnergies | TTE | 89.52 | USD | -0.6% | -1.2% | 88.31 | 90.57 | 2026-09-22 | 194 five-minute bars on 2026-09-22 |
| SLB | SLB | 52.26 | USD | +1.0% | +0.6% | 50.94 | 52.88 | 2026-09-22 | 191 five-minute bars on 2026-09-22 |
| United States Brent Oil Fund | OIL_FUND_BRENT | 58.00 | USD | -1.5% | -2.5% | 57.41 | 59.92 | 2026-09-22 | 295 five-minute bars on 2026-09-22 |
| United States Oil Fund | OIL_FUND_WTI | 144.08 | USD | -2.8% | -3.8% | 143.06 | 149.82 | 2026-09-22 | 345 five-minute bars on 2026-09-22 |
| United States Natural Gas Fund | GAS_FUND | 10.92 | USD | +6.4% | +5.8% | 10.26 | 10.93 | 2026-09-22 | 318 five-minute bars on 2026-09-22 |
| Instrument | Symbol | Close | Ccy | Session | Change across the session | Session range low | Session range high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Frontline | TANKER_FRONTLINE | 47.51 | USD | -4.6% | -5.7% | 47.50 | 50.50 | 2026-09-22 | 299 five-minute bars on 2026-09-22 |
| DHT Holdings | TANKER_DHT | 21.40 | USD | -4.7% | -4.6% | 21.35 | 22.62 | 2026-09-22 | 247 five-minute bars on 2026-09-22 |
| International Seaways | TANKER_INSW | 104.00 | USD | -4.7% | -4.0% | 102.89 | 108.34 | 2026-09-22 | 183 five-minute bars on 2026-09-22 |
| Teekay Tankers | TANKER_TEEKAY | 95.60 | USD | -3.2% | -1.9% | 93.18 | 97.44 | 2026-09-22 | 165 five-minute bars on 2026-09-22 |
| Scorpio Tankers | TANKER_SCORPIO | 82.42 | USD | -4.4% | -3.4% | 82.33 | 85.28 | 2026-09-22 | 176 five-minute bars on 2026-09-22 |
| TORM | TANKER_TORM | 34.99 | USD | -5.7% | -5.4% | 34.60 | 37.28 | 2026-09-22 | 297 five-minute bars on 2026-09-22 |
| ZIM Integrated Shipping | CONTAINER_ZIM | 30.67 | USD | +0.7% | +0.6% | 29.96 | 30.80 | 2026-09-22 | 186 five-minute bars on 2026-09-22 |
| Breakwave Dry Bulk Shipping ETF | FREIGHT_DRY_ETF | 15.20 | USD | -5.5% | -5.3% | 15.20 | 16.08 | 2026-09-22 | 145 five-minute bars on 2026-09-22 |
| SonicShares Global Shipping ETF | SHIPPING_ETF | 52.31 | USD | -1.8% | -1.2% | 51.58 | 52.93 | 2026-09-22 | 143 five-minute bars on 2026-09-22 |