The conflict between the United States and Iran has drastically reduced shipping traffic through the Strait of Hormuz by up to 95%, causing a sharp rise in oil prices and marine insurance premiums due to heightened risks of missile and drone attacks. Efforts to protect commercial vessels, including potential U.S. military escorts and expanded insurance programs, face delays and are unlikely to restore normal shipping until a ceasefire or de-escalation occurs. Meanwhile, the involvement of Iran-backed Houthi militants in missile attacks against Israel threatens further disruptions in the Red Sea and Bab el-Mandeb Strait, escalating the conflict into a broader regional crisis with significant impacts on global energy supply and maritime commerce.