The energy complex lagged crude across the window: XLE closed 62.60 on September 24 2026 against 65.93 on September 15 (-5.1%), XOM 162.14 against 169.32 (-4.2%), CVX 205.65 against 217.77 (-5.6%) and USO 153.09 against 161.86 (-5.4%). The equities bottomed on September 22 with the pipeline restart and the talk of Hormuz diplomacy, and on the Houthi barrage the producers recovered only 1-2% while USO rebounded 6.3% - with Brent's settle finishing just 2% below its September 15 level, the equity market is pricing a shorter premium than the spot commodity.