7 articles · Updated · The Wall Street Journal · May 5
By 4 p.m. UTC on Tuesday, analysts at S&P Global Market Intelligence saw one ship pass, down from six on Monday, after Iran targeted US warships and other vessels.
The incidents tested the US-Iran ceasefire, though Washington said Tehran's actions did not amount to a resumption of war despite renewed fighting this week.
Trump said on Sunday the US would begin escorting trapped commercial ships through the strait under Project Freedom, describing it as a humanitarian effort to free crews and vessels.
With 1,600 ships stranded, can proposed overland pipelines offer a real escape from the Strait of Hormuz's grip on global trade?
As a fragile ceasefire begins, will 'Project Freedom' secure the world's most vital oil route or ignite an even wider conflict?
Strait of Hormuz Transit Collapses by Over 95% Amid US-Iran Dual Blockade and Conflict
Overview
Since the U.S.-Israeli conflict with Iran began in February 2026, vessel traffic through the Strait of Hormuz has collapsed by over 95%, dropping from around 130 daily transits to just 6-7. This drastic decline results from a dual blockade: the U.S. naval siege on Iranian ports and Iran's physical blockade of the Strait, including illegal tolls and attacks on ships. The closure has caused a global oil shortfall of 15 million barrels per day, forcing costly rerouting and stranding thousands of seafarers amid rising insurance costs. Despite the U.S. launching Project Freedom to escort vessels, persistent Iranian asymmetric threats and diplomatic deadlock keep commercial shipping hesitant, prolonging the crisis and accelerating global trade diversification away from Hormuz.