TANKER TRAFFIC DROPS IN PERSIAN GULF Morgan Stanley estimates only 3 crude/refined product tankers exited the Persian Gulf via the Strait of Hormuz today, far below the usual ~35. Tanker rates remain near historic highs despite slight cooling. Regional disruptions include Aramco and ADNOC refinery impacts, India prioritizing LPG, and potential sanction relief announced by Trump for some countries.(*Walter Bloomberg)