Escalating US-Iran tensions over control of the Strait of Hormuz, a chokepoint handling roughly 20% of global oil trade, have driven sharp volatility in Brent crude and tanker freight rates amid restricted commercial traffic and repeated attacks on vessels. US Central Command maintains a naval blockade of Iranian ports while facilitating limited escorted transits, with regional partners contributing to security; Iranian forces have responded with surveillance expansions, projectile strikes, and mine threats, pushing insurance premiums higher and reducing daily AIS-visible movements to about 10% of pre-crisis levels. These dynamics price in elevated geopolitical risk premiums across energy equities and commodities, with trader focus on upcoming naval deployments, potential ceasefire talks, and any shifts in oil export volumes that could alter the probability of additional warship passages before year-end.