Ongoing escalation in the U.S.-Iran conflict, now in its sixth month since the February 28 onset, continues to suppress Strait of Hormuz transits to roughly 4–6 vessels daily—about 6% of the pre-crisis average of 74–125—according to Kpler and IMF PortWatch data as of September 9. Elevated Brent crude near $100.77 reflects persistent supply risks from the chokepoint handling ~20% of global oil and LNG flows, compounded by 40x war-risk premiums, mine threats, selective IRGC routing enforcement, and U.S. sanctions blocking Iranian exports. Recent tanker attacks and Houthi strikes have further deterred normalization, sustaining elevated tanker charter rates and stranding hundreds of vessels. Traders monitor potential diplomatic de-escalation or further kinetic incidents for shifts in throughput.