Ship-tracking data from Kpler and Windward paints a fragmented picture of regional logistics. While Windward identified several vessels operating in dark mode, U.S. Energy Secretary Chris Wright noted that 17 million barrels of crude cleared the strait on Monday. Analysts at ING warn that daily figures remain volatile and unreliable, suggesting that Persian Gulf flows likely remain above pre-war levels despite the current maritime bottleneck.

The market volatility follows reports that Iran targeted two tankers in retaliation for U.S. strikes launched over the weekend. President Trump claimed the U.S. now holds near-total control over the strait, further pressuring the Iranian economy. In response, Iran’s joint military command issued a stern warning, promising devastating consequences for any nation cooperating with American forces in the region. With West Texas Intermediate trading above $90 per barrel, traders remain focused on whether this diplomatic and military standoff will lead to a sustained disruption of global supply chains.