About 80 million barrels of crude queue at Hormuz as US–Iran thaw lifts Gulf shipping

About 80 million barrels of crude are sitting at the Persian Gulf’s gateway, waiting to exit through the Strait of Hormuz. Roughly 40 very large crude carriers are standing by inside the Gulf, while 21 more are sailing toward Asia and some are nearing the strait. Abu Dhabi National Oil Co. has told customers to resume loading. A full reopening could quickly release the backlog into global markets, potentially easing tight supply and damping oil-price swings.