80 million barrels queued at Hormuz as tankers switch off dark mode

Around 80 million barrels of crude are lined up to transit the Strait of Hormuz as tankers begin broadcasting their positions again after weeks sailing in AIS “dark mode.” Brent slipped toward $77 and WTI toward $73 as the backlog barely moved. Tanker owners — the one constituency that thrived on the blockade — are reportedly having their best week of the entire crisis on surging charter rates. A ceasefire reopens the water; it does not undo the drained inventories, the rerouted cargoes, or the new overland routes dug around the chokepoint. The ships can go back to broadcasting. The confidence in the lane comes back slower.