The Strait of Hormuz remains severely disrupted due to the ongoing US-Iran conflict, with tanker traffic at roughly one-tenth of pre-war levels and ~65% of outbound laden tankers transiting in "dark" (AIS-off) mode as of May 2026. Over 13 million barrels per day of oil remain stranded within the Gulf, with insurance premiums elevated, oilfields shut in, and a full recovery contingent on political resolution and logistics normalization.