Persistent low commercial traffic through the Strait of Hormuz, driven by ongoing Iran-U.S. tensions and Iranian assertions of control over the waterway, positions daily averages below 10 vessels as the dominant outcome. A U.S.-Israel offensive that began in late February sharply reduced transits from pre-conflict levels of roughly 100-140 vessels per day, with data through early May showing single-digit daily crossings and overall monthly figures at about 5 percent of normal. Ceasefire efforts since April 8 have produced limited resumption, as shipping operators continue rerouting amid threats, naval presence, and regulatory uncertainty. Traders weigh these verified constraints against potential de-escalation steps that could incrementally raise averages before month-end.