Geopolitical tensions and Iranian attacks on merchant vessels have sharply curtailed visible transits through the Strait of Hormuz, with AIS data showing only 5.3 commercial ships per day on average in the latest week against a pre-crisis baseline near 85. The near-even split between the 20-24 and 25-29 buckets reflects uncertainty over “dark” vessels operating without AIS signals, potential data revisions from sources like IMF PortWatch, and uneven daily volumes amid ongoing naval incidents and mine risks reported through mid-October. Elevated war-risk premiums and rerouting to Omani or bypass corridors continue to weigh on tanker economics, while oil flows persist at roughly 70-80% of prior levels. Traders are monitoring any escalation or de-escalation signals ahead of full week-end reporting.