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 (Year to date); 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
+62.5% year to date
Year-to-date range 59.96 – 118.35
187 sessions, 2026-01-02 to 2026-09-23
89th percentile of 526 sessions since 2024-08-28
WTI Crude
89.66 USD
-5.2% on the session
+56.4% year to date
Henry Hub Natural Gas
3.1640 USD
-0.4% on the session
-12.5% year to date
RBOB Gasoline
3.2020 USD
+0.1% on the session
+88.6% year to date
Heating Oil
4.6251 USD
-6.4% on the session
+118.7% year to date
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
+11.8% year to date
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
+35.5% year to date
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
+130.9% year to date
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 | 3.67290 | 3.67250 | +1.1 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 year to date | Year-to-date range low | Year-to-date range high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Brent Crude | CRUDE_BRENT | 98.70 | USD | +0.3% | +62.5% | 59.96 | 118.35 | 2026-09-23 | 187 sessions, 2026-01-02 to 2026-09-23 |
| WTI Crude | CRUDE_WTI | 89.66 | USD | -5.2% | +56.4% | 55.99 | 112.95 | 2026-09-23 | 187 sessions, 2026-01-02 to 2026-09-23 |
| Henry Hub Natural Gas | NATGAS | 3.1640 | USD | -0.4% | -12.5% | 2.5230 | 7.4600 | 2026-09-23 | 187 sessions, 2026-01-02 to 2026-09-23 |
| RBOB Gasoline | GASOLINE | 3.2020 | USD | +0.1% | +88.6% | 1.6945 | 3.7715 | 2026-09-23 | 187 sessions, 2026-01-02 to 2026-09-23 |
| Heating Oil | HEATOIL | 4.6251 | USD | -6.4% |
Year-to-date range 55.99 – 112.95
187 sessions, 2026-01-02 to 2026-09-23
85th percentile of 526 sessions since 2024-08-28
Year-to-date range 2.5230 – 7.4600
187 sessions, 2026-01-02 to 2026-09-23
50th percentile of 526 sessions since 2024-08-28
Year-to-date range 1.6945 – 3.7715
187 sessions, 2026-01-02 to 2026-09-23
87th percentile of 526 sessions since 2024-08-28
Year-to-date range 2.0567 – 5.2620
187 sessions, 2026-01-02 to 2026-09-23
97th percentile of 526 sessions since 2024-08-28
Year-to-date range 3,733 – 4,481
175 sessions, 2026-01-01 to 2026-09-22
86th percentile of 438 sessions since 2024-08-28
BIST 100
13,220 TRY
-0.9% on the session
+15.0% year to date
Year-to-date range 11,498 – 15,134
180 sessions, 2026-01-02 to 2026-09-22
74th percentile of 517 sessions since 2024-08-28
EGX 30
54,931 EGP
-0.1% on the session
-0.3% year to date
Year-to-date range 54,797 – 56,676
19 sessions, 2026-08-26 to 2026-09-22
26th percentile of 19 sessions since 2026-08-26
iShares MSCI Saudi Arabia
37.35 USD
+0.5% on the session
+1.6% year to date
Year-to-date range 36.00 – 40.63
181 sessions, 2026-01-02 to 2026-09-22
14th percentile of 518 sessions since 2024-08-28
iShares MSCI Qatar
16.71 USD
-1.0% on the session
-11.2% year to date
Year-to-date range 16.71 – 20.13
181 sessions, 2026-01-02 to 2026-09-22
0th percentile of 518 sessions since 2024-08-28
iShares MSCI UAE
20.18 USD
+0.6% on the session
+5.0% year to date
Year-to-date range 17.45 – 22.23
181 sessions, 2026-01-02 to 2026-09-22
93rd percentile of 518 sessions since 2024-08-28
iShares MSCI Israel
126.79 USD
-0.7% on the session
+13.2% year to date
Year-to-date range 110.23 – 137.69
181 sessions, 2026-01-02 to 2026-09-22
93rd percentile of 518 sessions since 2024-08-28
iShares MSCI Turkey
37.35 USD
-0.8% on the session
+7.0% year to date
Year-to-date range 34.92 – 43.74
181 sessions, 2026-01-02 to 2026-09-22
64th percentile of 518 sessions since 2024-08-28
Year-to-date range 45.13 – 65.93
181 sessions, 2026-01-02 to 2026-09-22
95th percentile of 518 sessions since 2024-08-28
Vanguard Energy ETF
174.30 USD
-1.0% on the session
+35.5% year to date
Year-to-date range 127.10 – 185.61
181 sessions, 2026-01-02 to 2026-09-22
94th percentile of 518 sessions since 2024-08-28
VanEck Oil Services ETF
395.08 USD
-0.4% on the session
+33.5% year to date
Year-to-date range 295.99 – 453.92
181 sessions, 2026-01-02 to 2026-09-22
81st percentile of 518 sessions since 2024-08-28
SPDR Oil & Gas Exploration
181.97 USD
-1.5% on the session
+41.1% year to date
Year-to-date range 123.96 – 199.70
181 sessions, 2026-01-02 to 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
+45.8% year to date
Year-to-date range 89.07 – 144.76
181 sessions, 2026-01-02 to 2026-09-22
95th percentile of 518 sessions since 2024-08-28
ExxonMobil
158.92 USD
+0.4% on the session
+29.6% year to date
Year-to-date range 118.49 – 171.47
181 sessions, 2026-01-02 to 2026-09-22
92nd percentile of 518 sessions since 2024-08-28
TotalEnergies
89.52 USD
-0.6% on the session
+34.6% year to date
Year-to-date range 62.74 – 93.60
181 sessions, 2026-01-02 to 2026-09-22
90th percentile of 518 sessions since 2024-08-28
SLB
52.26 USD
+1.0% on the session
+30.0% year to date
Year-to-date range 40.20 – 60.10
181 sessions, 2026-01-02 to 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
+105.3% year to date
Year-to-date range 28.03 – 63.56
181 sessions, 2026-01-02 to 2026-09-22
97th percentile of 518 sessions since 2024-08-28
United States Oil Fund
144.08 USD
-2.8% on the session
+108.9% year to date
Year-to-date range 67.79 – 161.86
181 sessions, 2026-01-02 to 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
-9.5% year to date
Year-to-date range 9.6300 – 16.90
181 sessions, 2026-01-02 to 2026-09-22
15th percentile of 518 sessions since 2024-08-28
Year-to-date range 20.58 – 54.03
180 sessions, 2026-01-02 to 2026-09-22
98th percentile of 514 sessions since 2024-09-03
DHT Holdings
21.40 USD
-4.7% on the session
+82.3% year to date
Year-to-date range 11.64 – 23.27
180 sessions, 2026-01-02 to 2026-09-22
98th percentile of 514 sessions since 2024-09-03
International Seaways
104.00 USD
-4.7% on the session
+121.3% year to date
Year-to-date range 46.81 – 111.15
180 sessions, 2026-01-02 to 2026-09-22
98th percentile of 514 sessions since 2024-09-03
Teekay Tankers
95.60 USD
-3.2% on the session
+85.6% year to date
Year-to-date range 51.50 – 100.92
180 sessions, 2026-01-02 to 2026-09-22
98th percentile of 514 sessions since 2024-09-03
Scorpio Tankers
82.42 USD
-4.4% on the session
+65.9% year to date
Year-to-date range 49.51 – 87.85
180 sessions, 2026-01-02 to 2026-09-22
96th percentile of 514 sessions since 2024-09-03
TORM
34.99 USD
-5.7% on the session
+76.8% year to date
Year-to-date range 19.79 – 38.23
180 sessions, 2026-01-02 to 2026-09-22
97th percentile of 514 sessions since 2024-09-03
ZIM Integrated Shipping
30.67 USD
+0.7% on the session
+40.0% year to date
Year-to-date range 20.33 – 30.67
180 sessions, 2026-01-02 to 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
+79.7% year to date
Year-to-date range 8.4600 – 16.58
180 sessions, 2026-01-02 to 2026-09-22
97th percentile of 514 sessions since 2024-09-03
SonicShares Global Shipping ETF
52.31 USD
-1.8% on the session
+66.1% year to date
Year-to-date range 31.42 – 53.43
180 sessions, 2026-01-02 to 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 | Year-to-date range | Trend |
|---|---|---|---|---|---|
| US Dollar IndexGlobal | 100.68 | +0.10% | Floating | 96.2200 – 101.61 | |
| USD/EGPEgypt | 51.5800 | 0.00% | Floating | 46.6170 – 54.6538 | |
| USD/ILSIsrael | 3.00230 | +0.10% | Floating | 2.80050 – 3.18569 | |
| USD/KWDKuwait | 0.30730 | 0.00% | Managed basket | 0.30478 – 0.31011 | |
| USD/TRYTurkey | 48.8295 | 0.00% | Floating | 42.9940 – 48.8295 |
| +118.7% |
| 2.0567 |
| 5.2620 |
| 2026-09-23 |
| 187 sessions, 2026-01-02 to 2026-09-23 |
| Instrument | Symbol | Close | Ccy | Session | Change year to date | Year-to-date range low | Year-to-date range high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Tel Aviv 125 | TA125 | 4,173 | ILS | +0.2% | +11.8% | 3,733 | 4,481 | 2026-09-22 | 175 sessions, 2026-01-01 to 2026-09-22 |
| BIST 100 | BIST100 | 13,220 | TRY | -0.9% | +15.0% | 11,498 | 15,134 | 2026-09-22 | 180 sessions, 2026-01-02 to 2026-09-22 |
| EGX 30 | EGX30 | 54,931 | EGP | -0.1% | -0.3% | 54,797 | 56,676 | 2026-09-22 | 19 sessions, 2026-08-26 to 2026-09-22 |
| iShares MSCI Saudi Arabia | KSA | 37.35 | USD | +0.5% | +1.6% | 36.00 | 40.63 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| iShares MSCI Qatar | QAT | 16.71 | USD | -1.0% | -11.2% | 16.71 | 20.13 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| iShares MSCI UAE | UAE | 20.18 | USD | +0.6% | +5.0% | 17.45 | 22.23 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| iShares MSCI Israel | EIS | 126.79 | USD | -0.7% | +13.2% | 110.23 | 137.69 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| iShares MSCI Turkey | TUR | 37.35 | USD | -0.8% | +7.0% | 34.92 | 43.74 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| Instrument | Symbol | Close | Ccy | Session | Change year to date | Year-to-date range low | Year-to-date range high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Energy Select Sector SPDR | XLE | 61.85 | USD | -1.0% | +35.5% | 45.13 | 65.93 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| Vanguard Energy ETF | VDE | 174.30 | USD | -1.0% | +35.5% | 127.10 | 185.61 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| VanEck Oil Services ETF | OIH | 395.08 | USD | -0.4% | +33.5% | 295.99 | 453.92 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| SPDR Oil & Gas Exploration | XOP | 181.97 | USD | -1.5% | +41.1% | 123.96 | 199.70 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| iShares Oil & Gas E&P | IEO | 132.70 | USD | -2.2% | +45.8% | 89.07 | 144.76 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| ExxonMobil | XOM | 158.92 | USD | +0.4% | +29.6% | 118.49 | 171.47 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| TotalEnergies | TTE | 89.52 | USD | -0.6% | +34.6% | 62.74 | 93.60 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| SLB | SLB | 52.26 | USD | +1.0% | +30.0% | 40.20 | 60.10 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| United States Brent Oil Fund | OIL_FUND_BRENT | 58.00 | USD | -1.5% | +105.3% | 28.03 | 63.56 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| United States Oil Fund | OIL_FUND_WTI | 144.08 | USD | -2.8% | +108.9% | 67.79 | 161.86 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| United States Natural Gas Fund | GAS_FUND | 10.92 | USD | +6.4% | -9.5% | 9.6300 | 16.90 | 2026-09-22 | 181 sessions, 2026-01-02 to 2026-09-22 |
| Instrument | Symbol | Close | Ccy | Session | Change year to date | Year-to-date range low | Year-to-date range high | Observed | Window held |
|---|---|---|---|---|---|---|---|---|---|
| Frontline | TANKER_FRONTLINE | 47.51 | USD | -4.6% | +130.9% | 20.58 | 54.03 | 2026-09-22 | 180 sessions, 2026-01-02 to 2026-09-22 |
| DHT Holdings | TANKER_DHT | 21.40 | USD | -4.7% | +82.3% | 11.64 | 23.27 | 2026-09-22 | 180 sessions, 2026-01-02 to 2026-09-22 |
| International Seaways | TANKER_INSW | 104.00 | USD | -4.7% | +121.3% | 46.81 | 111.15 | 2026-09-22 | 180 sessions, 2026-01-02 to 2026-09-22 |
| Teekay Tankers | TANKER_TEEKAY | 95.60 | USD | -3.2% | +85.6% | 51.50 | 100.92 | 2026-09-22 | 180 sessions, 2026-01-02 to 2026-09-22 |
| Scorpio Tankers | TANKER_SCORPIO | 82.42 | USD | -4.4% | +65.9% | 49.51 | 87.85 | 2026-09-22 | 180 sessions, 2026-01-02 to 2026-09-22 |
| TORM | TANKER_TORM | 34.99 | USD | -5.7% | +76.8% | 19.79 | 38.23 | 2026-09-22 | 180 sessions, 2026-01-02 to 2026-09-22 |
| ZIM Integrated Shipping | CONTAINER_ZIM | 30.67 | USD | +0.7% | +40.0% | 20.33 | 30.67 | 2026-09-22 | 180 sessions, 2026-01-02 to 2026-09-22 |
| Breakwave Dry Bulk Shipping ETF | FREIGHT_DRY_ETF | 15.20 | USD | -5.5% | +79.7% | 8.4600 | 16.58 | 2026-09-22 | 180 sessions, 2026-01-02 to 2026-09-22 |
| SonicShares Global Shipping ETF | SHIPPING_ETF | 52.31 | USD | -1.8% | +66.1% | 31.42 | 53.43 | 2026-09-22 | 180 sessions, 2026-01-02 to 2026-09-22 |