Ongoing U.S.-Iran hostilities and the associated naval blockade have kept Strait of Hormuz transits at roughly 10 vessels per day as of late August 2026, well below the pre-conflict baseline of 130, supporting elevated war-risk premiums and rerouting costs for energy cargoes. U.S. Navy assets, including destroyers and carrier strike groups, have conducted freedom-of-navigation transits and tanker escorts under operations such as Project Freedom, while Indian Navy warships have executed escort missions for flagged vessels. These deployments, alongside limited activity from other nations, have shaped trader views on which countries’ military vessels would transit by the August 31 resolution date. Recent mine-clearance announcements and fluctuating Omani corridor usage have introduced modest volatility in implied probabilities without materially altering the dominant U.S. and Indian presence.