On April 9, 2026, the Strait of Hormuz experienced exceptionally low shipping traffic despite a recent ceasefire agreement between Iran and the United States, along with Israel. A mere five ships—three tankers and two additional vessels—crossed the once-busy waterway, significantly below the minimum of 15 ships that Iran had pledged would transit during the two-week ceasefire period. The number starkly contrasts the previous pre-war traffic levels of 130 to 160 ships regularly using the strait, indicating an ongoing control by Iran over this crucial maritime passage. This situation raises concerns, as while the U.S. has paused military actions, Iran appears to be enforcing its own de facto closure of the strait, managing shipping access as a leverage point in negotiations. The ceasefire, which came into effect on April 8, aimed to halt U.S. and Israeli military operations against Iran in exchange for various concessions regarding military strikes and shipping access. However, Iran's deputy foreign minister, Saeed Khatibzadeh, asserted that passage through the strait now requires military approval to mitigate risks such as mines, a formalization of restrictions that could deter shipping companies from operating in the region. The Iranian toll system, demanding payments in cryptocurrency or Chinese yuan, adds further complications for international shipping fleets that might wish to engage with Iran, creating trepidation around possible sanction violations. Despite the hopeful circumstances that emerged from the ceasefire agreement—prompting the release of information that around 3,000 vessels held up within the Persian Gulf could finally set sail—actual movement has remained low. Many in the industry responded with caution, and it became clear that the Iranian military would likely assess the backgrounds of vessels wishing to traverse the strait, prioritizing those from nations perceived as allies. Experts like Joshua Hutchinson, the managing director of a maritime risk company, have projected that any semblance of lasting stability may be far off, as ceasefires in conflict zones often do not hold. The stark contrast between the current flow of ships and the high volumes seen prior to the conflict not only highlights the impact of the ongoing tensions in the region but also underscores the economic implications that these shipping restrictions have on global oil and LNG markets. As events keep unfolding, with U.S. promises to help manage the situation contrasting sharply with Iran’s authoritarian control, the industry and involved nations must remain vigilant and be prepared for potential escalations or further operational challenges.