War-risk premiums have moved twice this quarter. They are leading the freight rate, not following it.
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> published 2026-05-10BRENT $105.4/b ▼ TTF €81.97/MWh ▲ OPEC_ORB $108.8/b ● SPR_US 286.6 Mb ▼ FAO_FFPI 133.3 ▲
Field note · MENA
War-risk premiums have moved twice this quarter. They are leading the freight rate, not following it.