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 (Max); the range beneath it sites the current level against that window, and each tile states how many observations it actually holds.
Brent Crude
98.76 USD
+0.4% on the session
+25.6% over the full record
Range held 58.92 – 118.35
Max — 526 sessions held, from 2024-08-28
89th percentile of 526 sessions since 2024-08-28
WTI Crude
89.70 USD
-5.2% on the session
+20.4% over the full record
Henry Hub Natural Gas
3.1650 USD
-0.4% on the session
+64.0% over the full record
RBOB Gasoline
3.2035 USD
+0.2% on the session
+44.6% over the full record
Heating Oil
4.6389 USD
-6.1% on the session
+108.1% over the full record
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
+100.6% over the full record
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
+37.8% over the full record
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
+106.6% over the full record
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 over the full record | Range held low | Range held high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Brent Crude | CRUDE_BRENT | 98.76 | USD | +0.4% | +25.6% | 58.92 | 118.35 | 2026-09-23 | Max — 526 sessions held, from 2024-08-28 |
| WTI Crude | CRUDE_WTI | 89.70 | USD | -5.2% | +20.4% | 55.27 | 112.95 | 2026-09-23 | Max — 526 sessions held, from 2024-08-28 |
| Henry Hub Natural Gas | NATGAS | 3.1650 | USD | -0.4% | +64.0% | 1.9300 | 7.4600 | 2026-09-23 | Max — 526 sessions held, from 2024-08-28 |
| RBOB Gasoline | GASOLINE | 3.2035 | USD | +0.2% | +44.6% | 1.6809 | 3.7715 | 2026-09-23 | Max — 526 sessions held, from 2024-08-28 |
| Heating Oil | HEATOIL | 4.6389 | USD | -6.1% |
Range held 55.27 – 112.95
Max — 526 sessions held, from 2024-08-28
85th percentile of 526 sessions since 2024-08-28
Range held 1.9300 – 7.4600
Max — 526 sessions held, from 2024-08-28
50th percentile of 526 sessions since 2024-08-28
Range held 1.6809 – 3.7715
Max — 526 sessions held, from 2024-08-28
87th percentile of 526 sessions since 2024-08-28
Range held 1.9745 – 5.2620
Max — 526 sessions held, from 2024-08-28
97th percentile of 526 sessions since 2024-08-28
Range held 1,983 – 4,481
Max — 438 sessions held, from 2024-08-28
86th percentile of 438 sessions since 2024-08-28
BIST 100
13,220 TRY
-0.9% on the session
+35.5% over the full record
Range held 8,619 – 15,134
Max — 517 sessions held, from 2024-08-28
74th percentile of 517 sessions since 2024-08-28
EGX 30
54,931 EGP
-0.1% on the session
-0.3% over the full record
Range held 54,797 – 56,676
Max — 19 sessions held, from 2026-08-26
26th percentile of 19 sessions since 2026-08-26
iShares MSCI Saudi Arabia
37.35 USD
+0.5% on the session
-11.8% over the full record
Range held 35.83 – 43.33
Max — 518 sessions held, from 2024-08-28
14th percentile of 518 sessions since 2024-08-28
iShares MSCI Qatar
16.71 USD
-1.0% on the session
-4.7% over the full record
Range held 16.71 – 20.56
Max — 518 sessions held, from 2024-08-28
0th percentile of 518 sessions since 2024-08-28
iShares MSCI UAE
20.18 USD
+0.6% on the session
+36.9% over the full record
Range held 14.56 – 22.23
Max — 518 sessions held, from 2024-08-28
93rd percentile of 518 sessions since 2024-08-28
iShares MSCI Israel
126.79 USD
-0.7% on the session
+91.8% over the full record
Range held 63.01 – 137.69
Max — 518 sessions held, from 2024-08-28
93rd percentile of 518 sessions since 2024-08-28
iShares MSCI Turkey
37.35 USD
-0.8% on the session
+1.5% over the full record
Range held 29.96 – 43.74
Max — 518 sessions held, from 2024-08-28
64th percentile of 518 sessions since 2024-08-28
Range held 38.22 – 65.93
Max — 518 sessions held, from 2024-08-28
95th percentile of 518 sessions since 2024-08-28
Vanguard Energy ETF
174.30 USD
-1.0% on the session
+38.9% over the full record
Range held 105.87 – 185.61
Max — 518 sessions held, from 2024-08-28
94th percentile of 518 sessions since 2024-08-28
VanEck Oil Services ETF
395.08 USD
-0.4% on the session
+33.6% over the full record
Range held 196.72 – 453.92
Max — 518 sessions held, from 2024-08-28
81st percentile of 518 sessions since 2024-08-28
SPDR Oil & Gas Exploration
181.97 USD
-1.5% on the session
+32.2% over the full record
Range held 101.91 – 199.70
Max — 518 sessions held, from 2024-08-28
95th percentile of 518 sessions since 2024-08-28
iShares Oil & Gas E&P
132.70 USD
-2.2% on the session
+38.1% over the full record
Range held 74.87 – 144.76
Max — 518 sessions held, from 2024-08-28
95th percentile of 518 sessions since 2024-08-28
ExxonMobil
158.92 USD
+0.4% on the session
+36.4% over the full record
Range held 99.93 – 171.47
Max — 518 sessions held, from 2024-08-28
92nd percentile of 518 sessions since 2024-08-28
TotalEnergies
89.52 USD
-0.6% on the session
+28.8% over the full record
Range held 53.37 – 93.60
Max — 518 sessions held, from 2024-08-28
90th percentile of 518 sessions since 2024-08-28
SLB
52.26 USD
+1.0% on the session
+19.5% over the full record
Range held 31.72 – 60.10
Max — 518 sessions held, from 2024-08-28
86th percentile of 518 sessions since 2024-08-28
United States Brent Oil Fund
58.00 USD
-1.5% on the session
+91.9% over the full record
Range held 25.49 – 63.56
Max — 518 sessions held, from 2024-08-28
97th percentile of 518 sessions since 2024-08-28
United States Oil Fund
144.08 USD
-2.8% on the session
+90.9% over the full record
Range held 62.37 – 161.86
Max — 518 sessions held, from 2024-08-28
96th percentile of 518 sessions since 2024-08-28
United States Natural Gas Fund
10.92 USD
+6.4% on the session
-17.3% over the full record
Range held 9.6300 – 23.83
Max — 518 sessions held, from 2024-08-28
15th percentile of 518 sessions since 2024-08-28
Range held 12.83 – 54.03
Max — 514 sessions held, from 2024-09-03
98th percentile of 514 sessions since 2024-09-03
DHT Holdings
21.40 USD
-4.7% on the session
+105.2% over the full record
Range held 8.8900 – 23.27
Max — 514 sessions held, from 2024-09-03
98th percentile of 514 sessions since 2024-09-03
International Seaways
104.00 USD
-4.7% on the session
+108.6% over the full record
Range held 28.76 – 111.15
Max — 514 sessions held, from 2024-09-03
98th percentile of 514 sessions since 2024-09-03
Teekay Tankers
95.60 USD
-3.2% on the session
+76.1% over the full record
Range held 34.47 – 100.92
Max — 514 sessions held, from 2024-09-03
98th percentile of 514 sessions since 2024-09-03
Scorpio Tankers
82.42 USD
-4.4% on the session
+21.2% over the full record
Range held 31.86 – 87.85
Max — 514 sessions held, from 2024-09-03
96th percentile of 514 sessions since 2024-09-03
TORM
34.99 USD
-5.7% on the session
+3.2% over the full record
Range held 13.97 – 38.23
Max — 514 sessions held, from 2024-09-03
97th percentile of 514 sessions since 2024-09-03
ZIM Integrated Shipping
30.67 USD
+0.7% on the session
+76.5% over the full record
Range held 11.71 – 30.67
Max — 514 sessions held, from 2024-09-03
100th percentile of 514 sessions since 2024-09-03
Breakwave Dry Bulk Shipping ETF
15.20 USD
-5.5% on the session
+44.8% over the full record
Range held 5.1000 – 16.58
Max — 514 sessions held, from 2024-09-03
97th percentile of 514 sessions since 2024-09-03
SonicShares Global Shipping ETF
52.31 USD
-1.8% on the session
+61.0% over the full record
Range held 22.45 – 53.43
Max — 514 sessions held, from 2024-09-03
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 | Range held | Trend |
|---|---|---|---|---|---|
| US Dollar IndexGlobal | 100.67 | +0.10% | Floating | 96.2200 – 109.96 | |
| USD/EGPEgypt | 51.5800 | 0.00% | Floating | 46.6170 – 54.6538 | |
| USD/ILSIsrael | 3.00270 | +0.10% | Floating | 2.80050 – 3.82048 | |
| USD/KWDKuwait | 0.30730 | 0.00% | Managed basket | 0.30440 – 0.31011 | |
| USD/TRYTurkey | 48.8331 | 0.00% | Floating | 33.9134 – 48.8331 |
| +108.1% |
| 1.9745 |
| 5.2620 |
| 2026-09-23 |
| Max — 526 sessions held, from 2024-08-28 |
| Instrument | Symbol | Close | Ccy | Session | Change over the full record | Range held low | Range held high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Tel Aviv 125 | TA125 | 4,173 | ILS | +0.2% | +100.6% | 1,983 | 4,481 | 2026-09-22 | Max — 438 sessions held, from 2024-08-28 |
| BIST 100 | BIST100 | 13,220 | TRY | -0.9% | +35.5% | 8,619 | 15,134 | 2026-09-22 | Max — 517 sessions held, from 2024-08-28 |
| EGX 30 | EGX30 | 54,931 | EGP | -0.1% | -0.3% | 54,797 | 56,676 | 2026-09-22 | Max — 19 sessions held, from 2026-08-26 |
| iShares MSCI Saudi Arabia | KSA | 37.35 | USD | +0.5% | -11.8% | 35.83 | 43.33 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| iShares MSCI Qatar | QAT | 16.71 | USD | -1.0% | -4.7% | 16.71 | 20.56 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| iShares MSCI UAE | UAE | 20.18 | USD | +0.6% | +36.9% | 14.56 | 22.23 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| iShares MSCI Israel | EIS | 126.79 | USD | -0.7% | +91.8% | 63.01 | 137.69 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| iShares MSCI Turkey | TUR | 37.35 | USD | -0.8% | +1.5% | 29.96 | 43.74 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| Instrument | Symbol | Close | Ccy | Session | Change over the full record | Range held low | Range held high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Energy Select Sector SPDR | XLE | 61.85 | USD | -1.0% | +37.8% | 38.22 | 65.93 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| Vanguard Energy ETF | VDE | 174.30 | USD | -1.0% | +38.9% | 105.87 | 185.61 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| VanEck Oil Services ETF | OIH | 395.08 | USD | -0.4% | +33.6% | 196.72 | 453.92 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| SPDR Oil & Gas Exploration | XOP | 181.97 | USD | -1.5% | +32.2% | 101.91 | 199.70 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| iShares Oil & Gas E&P | IEO | 132.70 | USD | -2.2% | +38.1% | 74.87 | 144.76 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| ExxonMobil | XOM | 158.92 | USD | +0.4% | +36.4% | 99.93 | 171.47 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| TotalEnergies | TTE | 89.52 | USD | -0.6% | +28.8% | 53.37 | 93.60 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| SLB | SLB | 52.26 | USD | +1.0% | +19.5% | 31.72 | 60.10 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| United States Brent Oil Fund | OIL_FUND_BRENT | 58.00 | USD | -1.5% | +91.9% | 25.49 | 63.56 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| United States Oil Fund | OIL_FUND_WTI | 144.08 | USD | -2.8% | +90.9% | 62.37 | 161.86 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| United States Natural Gas Fund | GAS_FUND | 10.92 | USD | +6.4% | -17.3% | 9.6300 | 23.83 | 2026-09-22 | Max — 518 sessions held, from 2024-08-28 |
| Instrument | Symbol | Close | Ccy | Session | Change over the full record | Range held low | Range held high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Frontline | TANKER_FRONTLINE | 47.51 | USD | -4.6% | +106.6% | 12.83 | 54.03 | 2026-09-22 | Max — 514 sessions held, from 2024-09-03 |
| DHT Holdings | TANKER_DHT | 21.40 | USD | -4.7% | +105.2% | 8.8900 | 23.27 | 2026-09-22 | Max — 514 sessions held, from 2024-09-03 |
| International Seaways | TANKER_INSW | 104.00 | USD | -4.7% | +108.6% | 28.76 | 111.15 | 2026-09-22 | Max — 514 sessions held, from 2024-09-03 |
| Teekay Tankers | TANKER_TEEKAY | 95.60 | USD | -3.2% | +76.1% | 34.47 | 100.92 | 2026-09-22 | Max — 514 sessions held, from 2024-09-03 |
| Scorpio Tankers | TANKER_SCORPIO | 82.42 | USD | -4.4% | +21.2% | 31.86 | 87.85 | 2026-09-22 | Max — 514 sessions held, from 2024-09-03 |
| TORM | TANKER_TORM | 34.99 | USD | -5.7% | +3.2% | 13.97 | 38.23 | 2026-09-22 | Max — 514 sessions held, from 2024-09-03 |
| ZIM Integrated Shipping | CONTAINER_ZIM | 30.67 | USD | +0.7% | +76.5% | 11.71 | 30.67 | 2026-09-22 | Max — 514 sessions held, from 2024-09-03 |
| Breakwave Dry Bulk Shipping ETF | FREIGHT_DRY_ETF | 15.20 | USD | -5.5% | +44.8% | 5.1000 | 16.58 | 2026-09-22 | Max — 514 sessions held, from 2024-09-03 |
| SonicShares Global Shipping ETF | SHIPPING_ETF | 52.31 | USD | -1.8% | +61.0% | 22.45 | 53.43 | 2026-09-22 | Max — 514 sessions held, from 2024-09-03 |