Commercial traffic through the Strait of Hormuz remains severely disrupted after the United States and Israel launched their war on Iran on February 28, with reduced vessel movements, attacks, pipeline damage and postponed regional talks pushing up oil prices, freight rates and shipping-related ETFs. Preliminary weekend data recorded 14 transits, while seven ships crossed on September 10, compared with roughly 125 daily before the war. BWET rose more than 3,200% in 2026 and traded near $781.92, while the Gulf-to-China supertanker rate reached a record $862,150 per day. The gains are concentrated in freight-futures funds and could reverse if traffic normalizes.