Hormuz vessel traffic continues to flow, but at a sharply reduced pace compared to the previous week, as US-Iran technical talks resume in Doha without senior negotiators meeting face-to-face.

Data research firm Kpler noted, "Hormuz traffic holds steady." 

The latest disruption in the strait, beyond the persistent threat of Iranian naval mines and suicide drones, was caused by a foreign container ship running aground after entering shallow waters outside the Iranian-designated shipping route.

Qatar-funded international news network Al Jazeera cites Iran's state media, which provided more details on the maritime incident early Wednesday:

In a separate report, Bloomberg cites the Iranian Navy as saying that it "has repeatedly warned ship captains, owners and officials of global shipping companies that any entry or exit via routes other than the authorized one could lead to irreparable incidents."

Beyond the Strait, and focusing on markets, the beginning of the normalization process to reopen the critical waterway sent commodity prices sliding 9% month on month in June, as conflict fears eased following the US-Iran interim peace deal.

HSBC analyst Jamie Culling told clients:

Even as the broader news cycle has moved on and fatigue sets in, all things Hormuz, whether vessel traffic rates, insurance coverage, shipping costs, and Gulf export flows, will remain in focus this summer. The question is whether Tehran still retains full leverage over the waterway, or whether the normalization process has begun to dilute its ability to weaponize the world's most important maritime chokepoint.