Iranian forces have repeatedly struck or harassed commercial vessels in the Strait of Hormuz and adjacent waters amid the ongoing U.S.-Iran conflict that began in February 2026, including drone and missile attacks on tankers and container ships in late August and early September. These incidents prompted U.S. retaliatory strikes on Iranian military assets and tankers, followed by renewed blockades and sharply reduced transits through the chokepoint. Traders price high probability of additional confirmed Iranian kinetic strikes or seizures before September 30 due to persistent IRGC enforcement actions, mine threats, route restrictions, and the pattern of escalation despite intermittent cease-fire talks. Key upcoming factors include any further naval movements, sanctions enforcement, or diplomatic deadlines that could either deter or provoke new attacks within the resolution window.