The Strait of Hormuz, carrying roughly a fifth of global oil, is effectively closed by Iran since February 28, 2026, following U.S. and Israeli strikes. Traffic has dropped to just four ships daily as of August 22, 2026. Iran's IRGC enforces vetting for vessels. Tehran demands the U.S. end military operations, lift sanctions, and withdraw forces. A June 2026 memorandum failed to restore flow. Brent crude reached $94 per barrel amid war-risk premium.