Ongoing U.S.-Iran negotiations in Doha, following a June interim deal and late-June ship attacks that cut Hormuz transits sharply, underpin the 50% market-implied odds for normal traffic by August 31. Recent volatility in daily crossings—rebounding toward prewar levels before dropping to 22 vessels on one day—reflects shipowner caution amid disputes over Iranian transit fees and route control, elevating war-risk insurance premiums and sustaining elevated oil-price volatility. Progress on unfreezing assets or clarifying navigation rules could accelerate resumption and lift the “yes” side, while any escalation or stalled talks would reinforce downside risks for energy markets.
Experimental AI-generated summary referencing Polymarket data. This is not trading advice and plays no role in how this market resolves. · UpdatedStrait of Hormuz operating at fraction of pre-crisis capacity with only 15 transits
August 31 dips to 13%1%
As of July 24, the Strait was operating at a fraction of its normal capacity, with only 15 transits recorded on July 19 against a baseline of 88. This low throughput amid ongoing conflict and blockade maintained downward pressure on market optimism for normalization by August.
Maritime traffic remains low as Houthis resume attacks in Red Sea
August 31 dips to 13%1%
By July 24, maritime traffic through the Strait of Hormuz remained at a fraction of normal levels due to ongoing US blockade enforcement and renewed Houthi attacks, sustaining high risk and low transit volumes.
Maritime traffic sharply declines amid escalating US-Iran tensions
August 31 dips to 11%3%
Between July 13-19, maritime traffic through the Strait of Hormuz dropped sharply due to escalating security tensions and renewed US military strikes. Non-Iranian ship transits fell drastically, reflecting the fragile security environment and ongoing disruptions to normal shipping activity.
Tanker hit by projectile in Strait of Hormuz; crew abandons ship
August 31 dips to 11%3%
On July 20, a tanker was struck by an unknown projectile in the Strait of Hormuz, forcing the crew to abandon the vessel. This incident, amid ongoing US strikes on Iranian military infrastructure, further suppressed commercial vessel transits through the strait.
Crew abandon tanker after attack in Strait of Hormuz; US continues strikes on Iranian military targets
August 31 dips to 11%3%
On July 20, a tanker was struck by an unknown projectile in the Strait of Hormuz, forcing the crew to abandon ship. Concurrently, US military strikes targeted Iranian command centers to degrade its ability to attack commercial shipping, maintaining high regional tensions.
Strait of Hormuz remains effectively closed with minimal vessel transits
August 31 rises to 13%3%
PortWatch recorded only 15 vessel transits on July 19, far below the pre-crisis baseline of 88 per day, indicating the strait remains effectively closed to commercial shipping. The ongoing conflict and security risks continue to suppress traffic and maintain extreme crisis pressure levels.
Iran declares all maritime traffic banned in Strait of Hormuz amid accidents
August 31 dips to 10%1%
On July 19, Iranian state media reported a complete ban on maritime traffic in the Strait of Hormuz, with accidents occurring after vessels defied IRGC warnings, further reducing shipping activity.
Iranian state media reports total maritime traffic ban in Strait of Hormuz
August 31 rises to 13%1%
On July 19, Iranian media reported a complete ban on maritime traffic in the Strait, with accidents occurring after vessels defied IRGC warnings. PortWatch recorded only 10 transits that day, reinforcing the blockade's severity and depressing market expectations for normalization by July.
U.S. disables oil tanker violating blockade, transits hit new lows amid ceasefire breakdown
On July 17, U.S. forces disabled an oil tanker allegedly violating the blockade, coinciding with a 51.9% decrease in transits compared to the previous week. The ceasefire between Tehran and Washington deteriorated, causing further decline in shipping activity and market confidence.
US disables oil tanker violating blockade in Strait of Hormuz
August 31 dips to 10%4%
US Central Command disabled an oil tanker allegedly violating the US blockade of Iranian ports, escalating tensions and causing a sharp drop in transit volumes. The ceasefire between Tehran and Washington deteriorated, leading to a 51.9% decrease in transits compared to the prior week.
US intensifies strikes on Iran as Strait of Hormuz shipping traffic slumps
August 31 drops to 12%6%
On July 16, the US launched intensified airstrikes against Iranian military targets, including an oil tanker near Iran's main export terminal, amid a sharp decline in shipping traffic through the Strait of Hormuz. This escalation contributed to continued disruption and low vessel transit volumes.
US reinstates naval blockade of Iranian ports, escalating Strait tensions
August 31 dips to 12%4%
On July 15, US Central Command announced the reinstatement of a naval blockade on Iranian ports, intensifying the conflict and causing a sharp decline in vessel transits through the Strait of Hormuz.
Two UAE-linked supertankers attacked in Strait of Hormuz, one crew member killed
August 31 dips to 14%2%
Two supertankers linked to the UAE were attacked while sailing through the Strait of Hormuz with transponders off, resulting in one fatality and several injuries. This incident intensified fears and led to some shipowners pausing transit plans, further depressing traffic levels.
Hormuz traffic falls to two-month low amid renewed US-Iran strikes
August 31 dips to 16%2%
Commercial traffic through the Strait of Hormuz dropped to a two-month low due to renewed US strikes on Iran and Iranian attacks on vessels. The heightened safety risks caused operators to exercise caution, further suppressing transit volumes and delaying normalization of shipping traffic.
Iran's IRGC strikes Cyprus-flagged container ship GFS Galaxy; crew member missing
August 31 dips to 16%2%
On July 12, Iran's IRGC attacked the Cyprus-flagged container ship GFS Galaxy in the Strait of Hormuz, causing significant damage and a missing crew member, escalating maritime security risks and disrupting traffic.
Maritime threat level held at SEVERE; southern route expanded to two-way traffic
August 31 dips to 18%3%
The Joint Maritime Information Center maintained the maritime threat level at SEVERE for the Strait of Hormuz but expanded the southern Omani transit route to allow two-way vessel traffic. Despite Iran's claim of closure, the strait remained operational but under high risk, limiting traffic recovery.
Iran and Oman agree to continue technical talks on Hormuz navigation
August 31 dips to 18%3%
Iran and Oman agreed to continue technical talks aimed at improving navigation through the Strait of Hormuz. This diplomatic engagement provided some hope for easing tensions and improving transit conditions, but operational stress and war-risk insurance premiums remained high, limiting immediate traffic recovery.
Iran and Oman pledge Strait of Hormuz remains secure and open waterway
August 31 drops to 18%6%
Iran and Oman issued a joint statement reaffirming commitment to safe passage and maintaining the Strait of Hormuz as a secure and open waterway, signaling a diplomatic de-escalation step amid ongoing tensions.
Iran's IRGC strikes Cyprus-flagged container ship GFS Galaxy in Strait of Hormuz
August 31 dips to 16%3%
On July 11, Iran's IRGC attacked the Cyprus-flagged container ship GFS Galaxy, causing significant engine-room damage and a missing crew member. This attack escalated tensions and further disrupted commercial navigation through the strait.
Oil tanker traffic near standstill after renewed US-Iran fighting and vessel attacks
August 31 dips to 16%2%
On July 9, oil tanker traffic through the Strait of Hormuz was near a standstill due to renewed US-Iran fighting and attacks on vessels, severely impacting shipping and raising insurance costs.
Iran and Oman pledge to keep Strait of Hormuz secure and open
August 31 dips to 18%3%
Iran and Oman issued a joint statement reaffirming their commitment to safe passage and maintaining the Strait of Hormuz as a secure and open waterway. This political commitment was seen as a de-escalation step but did not immediately restore normal shipping traffic.
Interim truce between US and Iran collapses after Iran strikes multiple commercial ships
August 31 dips to 18%3%
On July 8, the ceasefire agreement between the US and Iran broke down following Iranian attacks on commercial vessels in the Strait of Hormuz, leading to renewed tensions and a drop in shipping traffic.
War-risk insurers advise shipowners to pause Hormuz voyages after renewed attacks
August 31 dips to 18%3%
Following renewed vessel attacks, war-risk insurance premiums rose sharply, with some underwriters advising shipowners to pause voyages through the Strait of Hormuz. This increased risk perception contributed to continued low transit volumes and market pessimism about normalization by July.
Four maritime incidents in one day highlight heightened regional tension
August 31 drops to 20%7%
On July 7, four separate maritime security incidents involving commercial vessels occurred in the Strait of Hormuz, including attacks and forced course alterations, demonstrating the high risk environment and impacting shipping confidence.
Three commercial vessels attacked near Strait of Hormuz, escalating risks
August 31 drops to 21%7%
Between July 6 and 7, three commercial vessels were attacked near the Strait of Hormuz, causing significant operational uncertainty and prompting shipping operators to adopt defensive routing, which contributed to a sharp decline in traffic.
Triple tanker attacks escalate operational risks in Strait of Hormuz
August 31 drops to 27%9%
Between July 6 and 7, three commercial vessels were attacked near the Strait of Hormuz, causing significant damage and evacuation of crew, which heightened operational uncertainty and disrupted shipping traffic further.
Iran's Revolutionary Guards attack commercial ships in Strait of Hormuz
August 31 drops to 27%9%
Multiple commercial vessels were attacked by Iran's Revolutionary Guards, causing significant damage and crew evacuations. These attacks heightened operational risks and uncertainty, discouraging shipping traffic and increasing insurance costs, thereby suppressing transit volumes through the strait.
IMF PortWatch records only 34 ship transits through Strait of Hormuz amid blockade
August 31 drops to 27%9%
On July 5, IMF PortWatch data showed just 34 ship transits compared to a pre-crisis baseline of 88, highlighting the severe disruption caused by the ongoing blockade and military tensions. This low traffic level reinforced market doubts about a near-term return to normal shipping volumes.
Oil and gas shipping shows signs of recovery along US-protected corridor near Oman
August 31 drops to 28%8%
On July 5, several oil and gas freighters were observed navigating a US-protected route near Oman, indicating a cautious rebound in shipping activity despite ongoing risks and detours.
US National Security Adviser warns UN of limited patience with Iran amid Strait closure
August 31 dips to 40%2%
On July 2, US National Security Adviser Waltz warned the UN that patience with Iran is 'not unlimited' amid the Strait of Hormuz closure and regional attacks, signaling ongoing tensions and uncertainty affecting shipping traffic.


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