Escalating attacks on commercial vessels amid the ongoing U.S.-Iran conflict continue to drive trader sentiment in the Hormuz shipping market. October has recorded the highest monthly incidents since March, with over 27 strikes reported through mid-month and fresh claims of seven tankers damaged or set ablaze on October 22 by projectiles or mines. This has kept AIS-visible transits near 5% of pre-war levels around 5 daily, while oil flows through the strait average roughly 12.6 million barrels per day—about 74% of the 17 million baseline. Brent crude has traded near $110 per barrel, reflecting risk premiums from disrupted Gulf loadings and rerouting pressures. U.S.-facilitated transits persist under naval coordination despite Iranian claims of control, with traders pricing in sustained volatility ahead of the November 3 U.S. midterms and potential further escalation.