MATTHEWS OPERATIONS LAB

Daily Strategic Brief

Nov 10, 2026 · Updated 12:17 PM ET (17:17 UTC) · Matthews Operations Lab

Published Nov 10, 2026, 1:19 PM ET

The bottom line

Markets are betting on peace. The shipping lanes say it hasn't arrived yet.

What to watch: whether ships return to Hormuz. Prices can move on a headline; tanker traffic moves only when the risk is actually gone.

How this report works

This is a data report, not a news story. Every number comes from a measured source you can check, listed at the end.

The numbers

Composite stress: 60 / 100 (Elevated). Four areas got worse since the last reading, four got better.

Area Score Change What the data shows Data agrees with headlines?
Shipping & supply 77 −3 4 of 22 major sea chokepoints running 25%+ off normal (5 a month ago) Yes
Media divergence 75 +24 Gap between how six media blocs cover the same events: 1.7 vs 1.34 average Yes
Telecom & undersea cables 73 +29 153 internet outage events in 24h vs 23 on a normal day Yes
Cyber & infrastructure 64 −10 6 actively exploited software flaws added to the US government's list this week Headlines only
Power & grid 62 +19 Same outage spike, across 78 countries Yes
Food & fuel strain 43 +11 No hard strain data moved; oil prices fell Headlines only
Water 42 +6 3 serious drought or flood alerts active vs 4.7 average Headlines only
Military 41 −10 Battle deaths Jul–Sep: 29,481, down 34% from a year earlier No: data is calmer than the coverage

Markets

Oil and shipping are pointing in opposite directions. Oil is pricing a deal; the cost of moving goods by sea is still rising.

Market Price 5-day change
Brent crude (per barrel) $91.94 −11.3%
WTI crude (per barrel) $86.57 −9.9%
Dry bulk shipping (BDRY) 13.27 +7.0%
US natural gas $3.31 +14.4%
Semiconductors (SOXX) 144.41 −6.8%
Gold (per ounce) $4,029 +2.3%
Volatility index (VIX) 20.8 flat

Last week Brent was on course for its steepest weekly fall since the start of COVID (The Edge). Russia, Ukraine and the US are meeting in Abu Dhabi on Nov 10–11 (Nation Thailand).

Sea lanes

The Middle East and Black Sea routes remain far below normal; Asia's routes are running normally or busier than usual. Ship traffic as a share of each strait's 2019–22 normal (monthly average; November covers Nov 1–8).

Strait May Jul Sep Oct Nov
Strait of Hormuz (Persian Gulf) 5% 13% 5% 5% 4%
Bab el-Mandeb (Red Sea) 62% 58% 45% 48% 46%
Bosporus (Black Sea) 89% 73% 52% 50% 47%
Taiwan Strait 99% 93% 93% 90% 93%
Strait of Malacca 124% 129% 125% 127% 132%

The Bosporus has slid steadily for six months and now carries under half its normal traffic. Hormuz shows no recovery yet, despite this week's talks.

What the data does not show

We also report what we threw out, so you can see what's being filtered.

Sources

Measured data (open sources, refreshed every 4 hours):

Reporting cited:

Open-source indicators, not intelligence. Matthews Operations Lab.