Ongoing US-Iran tensions have severely restricted commercial traffic through the Strait of Hormuz to about 8% of normal levels, with only US-coordinated transits occurring amid Iranian claims of control and repeated attacks on vessels. This has elevated Brent crude to around $113–117 per barrel, incorporating a significant risk premium tied to potential supply disruptions affecting 20% of global oil flows and LNG exports. US naval operations, including escorts, blockades of Iranian ports, and air defense support, remain the dominant presence, while diplomacy via Qatar-mediated talks and upcoming post-midterm developments could shift escalation risks. Elevated tanker freight rates, dark fleet activity, and winter energy supply concerns continue to underpin trader focus on naval movements by key actors through year-end.