Ongoing US-Iran negotiations amid the Strait of Hormuz crisis have sustained sharply reduced maritime traffic through this critical energy chokepoint, with daily commercial transits averaging in the single digits to low teens in recent weeks due to Iranian restrictions and routing uncertainty. A fragile April ceasefire has permitted limited passages, primarily eastbound vessels under specific clearances, while naval escorts and mine-clearance operations have yielded only modest increases in throughput. Trader sentiment remains balanced across the 20-39 and 40-59 bands because further diplomatic breakthroughs or renewed tensions could quickly shift weekly volumes, with historical patterns showing rapid fluctuations tied to official statements on sanctions relief and safe passage guarantees.