Hormuz traffic has climbed to its highest levels since the early days of the war, as more countries secure apparent safe-passage agreements with Iran.

Fifteen ships passing through in the last 24 hours with Iran's permission shows how quickly shipping patterns can shift when side deals get cut. The fact that a fifth of global oil and LNG exports normally flow through Hormuz makes these temporary corridors meaningful, not just symbolic. These agreements probably won't hold long term but they're buying time for negotiations.