#shipping
- Hormuz isn't empty. It went dark
Open satellite data says the Strait of Hormuz is all but closed: 3% of the ships it saw before the war. Commercial trackers say three quarters of the crude still gets through, unseen, escorted and at a steep price. Here is the gap, and who gets paid for it.
FRO$53.75 → ……BNO$61.45 → ……