Persian Gulf Inbound Tankers Dominated by Iranian Oil Trade, Not Global Supply

🛢️ HORMUZ — The ships moving aren't the ones markets are waiting for. 📌 LOOK CLOSER: If inbound Persian Gulf tankers are predominantly Iranian trade, the reopening serves Tehran's export economics first — not global normalization. The 35-ship queue skews dry bulk; Iranian oil is the active lane. European and Asian buyers on non-Iranian crude remain behind. Markets pricing a reopening dividend may be pricing the wrong traffic.