Geopolitical tensions from the U.S.-Iran conflict that escalated in late February 2026 have kept commercial transits through the Strait of Hormuz—a chokepoint handling roughly 20-25% of global seaborne oil trade—at persistently low levels, with daily volumes often in the single digits to low teens versus pre-crisis averages near 60-100 vessels. This has elevated tanker freight rates, marine insurance premiums, and regional crude differentials while pressuring global energy benchmarks through reduced exports, particularly from Persian Gulf producers. Limited U.S. naval guidance and selective Iranian coordination produced modest upticks by late May, including days with 13-35 transits, yet volumes remained well below normalization thresholds amid ongoing risks and stalled de-escalation talks. Traders monitoring oil inventories, Brent-WTI spreads, and VLCC fixtures have priced in sustained supply-chain friction heading into June data releases.