While conventional wisdom, especially after Trump’s counter-blockade of Iran’s blockade, holds that the Strait of Hormuz is completely blocked, the reality is that the UAE is now running loaded crude tankers through the Iranian-controlled Strait of Hormuz with transponders switched off — just like sanctioned Iranian ghost fleets in the pre-war period — just to pry loose a fraction of the oil bottled up in the Gulf. According to shipping data reported by Reuters, industry sources, and satellite t...