Escalated Iranian attacks and a U.S. naval blockade amid the ongoing Iran conflict have severely restricted commercial traffic through the Strait of Hormuz, with AIS-visible transits averaging 8–13 vessels per day recently versus the pre-crisis baseline of roughly 85. Oil flows have remained volatile, averaging near 11 million barrels per day in October before dipping to 7.3 million in the latest reported week—about 40% below pre-war levels—while Brent crude trades around $113 amid 32-times-normal war-risk insurance premiums. Tankers continue limited movements under U.S. coordination despite record October incidents, reflecting trader focus on energy supply resilience, chokepoint throughput, and potential last-minute catalysts on the final resolution day.