Tensions between the United States and Iran, including a naval blockade of Iranian ports and repeated attacks on vessels, have reduced Strait of Hormuz traffic to a small fraction of pre-2026 war levels, with multiple days in August recording fewer than 10 transits amid heightened risks from missiles, drones, and mines. A fragile ceasefire reached in June has expired without renewal as talks stall, prompting further U.S. economic pressure and Iranian warnings about controlling passage lanes near its territory or closing key routes. Recent incidents, such as strikes on ADNOC-linked tankers on August 13, have driven operators to favor limited or AIS-dark routing while insurance costs and security concerns deter broader commercial use. These dynamics, alongside demining operations and competing claims over northern versus southern corridors, shape trader assessments of whether complete daily halts remain possible before any resolution timeline.