“Although actual transit through the Strait of Hormuz remains at its highest level since hostilities began, the perception and risk of a closure continue to underpin regional economic anxiety. This divergence is resolved by recognizing that “closure” often refers to intermittent pressures or threats rather than a literal, sustained shutdown. Shipping volumes can spike in anticipation of tight supply windows or rerouting ahead of scheduled disruptions. Going forward, the U.S. and its partners are likely to sustain a robust naval presence while leveraging diplomatic channels to preempt escalatory threats, ensuring shipping lanes remain open even as Iran signals its ability to restrict traffic.”