Recent escalations between the US and Iran have caused significant disruptions in the Strait of Hormuz, with tanker traffic slowing to a near standstill. Following a breakdown of ceasefire agreements, shipping activity has declined sharply, as shipowners express concerns over safety and rising insurance premiums. The geopolitical volatility has prompted many vessels to reroute, and some oil tankers have turned back as fears grow over renewed hostilities. Analysts suggest that the market may be underestimating the long-term implications of these tensions, as maritime traffic struggles to recover amidst a backdrop of conflict.