“Despite headline rhetoric of a permanent closure or imminent force-on-force showdown, on-water evidence shows a creeping normalisation: daily transits are now the highest since the war began and selected tankers (Indian, French, Omani-flagged) are moving through by hugging safe corridors. Iran’s parliament is pressing ahead with a toll-and-monitor model, signalling Tehran’s preference to monetise and regulate rather than sustain a full blockade. The UAE (backed quietly by several allies) is preparing a credible military contingency, but its very existence is already nudging Iran toward controlled reopening talks with Oman as facilitator. Legal arguments that the Strait is international waters remain intact and will likely underpin any eventual diplomatic instrument, but near-term navigation will still depend on de-facto Iranian consent plus ad-hoc naval escorts. Expect a hybrid outcome within 4-6 weeks: a provisional protocol that recognises freedom of navigation while allowing Iran/Oman to collect limited fees and coordinate traffic, coupled with a multinational monitoring mission. Shipping risk premiums and oil prices should gradually decline, yet the posture will stay fragile—one high-profile incident could snap the equilibrium.”