Ongoing geopolitical tensions in the Persian Gulf continue to constrain vessel traffic through the Strait of Hormuz, a chokepoint handling roughly 20% of global seaborne oil and LNG trade. Recent limited transits, including Iranian state media reports of about 30 vessels passing since mid-May and select Chinese-linked tankers, have eased some supply fears and kept Brent crude near $106–108 per barrel. Persistent low traffic levels—well below pre-crisis averages—reflect ongoing risks of attacks, seizures, and regulatory hurdles, supporting elevated tanker rates and drawing down global inventories at an accelerated pace. Traders are monitoring U.S.-China diplomatic efforts and potential further openings ahead of the May 31 resolution, as any sustained increase in daily transits could materially ease oil price pressures and shift market-implied probabilities.