Ongoing US-Iran conflict since late February 2026 has kept Strait of Hormuz traffic severely restricted, with AIS-visible commercial transits averaging just 4-5 vessels daily versus roughly 85 pre-crisis. Iran asserts control via required permits, designated corridors near its coast, and threats of exclusion zones plus sanctions on non-compliant ships, while recent tanker strikes, seizures, and missile warnings have further deterred operators. Limited crossings continue under US naval coordination or with AIS disabled, supported by ship-to-ship transfers outside the strait and alternative routing discussions involving Oman. Ceasefire extensions and diplomatic proposals remain stalled amid mutual accusations, sustaining high war-risk premiums and low volumes without achieving a full daily shutdown. Escalations in enforcement or attacks could push toward zero transits, while successful de-escalation talks or expanded escorts might sustain minimal flows.