So the market is pricing partial normalisation of a chokepoint that is delivering an eighth of its usual traffic. A shipowner deciding whether to send a very large crude carrier through a waterway is not pricing whether transit is currently possible. It also explains why a headline reopening produced a fall in crude rather than a rally in freight. The Baltic Dirty Tanker Index, which prices the cost of moving crude by sea, sits at 2,663 as of August 11. Until that appears, Oil is priced for a reopening that the ships have not made.