The waterway separating Iran from Oman usually draws attention only when a crisis interrupts the oil moving through it.
Crude has moved higher again as the vital shipping lane between the Gulf and global markets remains disrupted.
For the week, oil is up more than 6%, because traders are not convinced the strait will reopen soon. A move that big in a week is the market pricing in a real risk.
Energy Secretary Chris Wright said Hormuz oil exports are averaging 9 million barrels a day over a seven-day period.
Traders are watching two numbers in particular: the daily ship count and the seven-day export average. The ship count has collapsed from more than 130 before the attacks to eight on Monday, while the export average of 9 million barrels a day shows that the remaining traffic is still moving a large volume of oil. The gap between those numbers helps explain why the market is uncertain.
Before the recent escalation, the strait was moving more than 130 ships a day, according to the data in the summary above. Monday's count of eight vessels underscores how quickly the route has become a bottleneck. The Feb. 28 attacks are the point of comparison for that drop, and the collapse in traffic is one reason oil has climbed more than 6% this week.
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The standoff did not come out of nowhere. In June, a temporary deal mediated by Pakistan between the U.S. and Iran broke down, and the conflict in the strait flared up again.
Since then, the numbers have moved sharply.
That failed deal was meant to ease tensions, but its collapse left Washington and Tehran further apart. The U.S. has moved from seeking a return to the agreement to demanding reparations, while Iran has tied any reopening of the strait to the release of its frozen assets. That combination makes a quick resolution harder.
Trump has also hardened his position, now demanding reparations from Iran. Treasury Secretary Scott Bessent told CNBC a week ago that a Hormuz deal was possible soon, but no deal has emerged.
Not everyone is betting on more conflict. Pakistan's defense minister, Khawaja Asif, told Bloomberg, "Things are shaping up again in favor of a peace arrangement or a deal."
That would be a sharp turn from where things stand today.
For most people, the fight over a faraway strait shows up in everyday prices. This is not just a Wall Street story.
The key question is whether the strait actually reopens. A deal would likely take pressure off oil prices. A prolonged closure would keep them high.
Energy Secretary Chris Wright's figure of 9 million barrels a day is a reminder that the strait remains a critical route even while traffic is down. The combination of a low ship count and a high export average means each tanker that does pass through is carrying a heavy load.
The next few weeks will answer the question. For now, the market is pricing in uncertainty, and that uncertainty has a price tag.
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