As of April 5, 2026, six weeks into the U.S.-Iran conflict, the Strait of Hormuz is running at under 10% of normal throughput with 13 vessels transiting today under bilateral fee deals Iran is charging up to $2M per tanker, 150 ships stranded, 11M bpd shut in, Brent at $109, and U.S. pump prices cracking $5 in spots. Pull satellite imagery of the vessel queue outside the strait, annotate ship positions at correct coordinates, and assess whether vessels are holding or dispersing toward alternative routes. Every claim should be cross-verified across multiple sources. What's your read on how long this selective-passage equilibrium holds before Asian and European inventory buffers force real demand destruction, and is the market at $109 already pricing a resolution or still underweighting a full closure?