If you were hoping for a quiet Friday in the world's most important oil chokepoint, you're out of luck. Shipping traffic through the Strait of Hormuz nearly ground to a halt after two more vessels were attacked, and the U.S. is signaling it's about to turn the economic screws on Iran even tighter.

Strait of Hormuz Traffic Plunges as Iran Talks Stall

The slowdown follows a senior Iranian source who on Wednesday said there had been no progress in talks to build on a June agreement to end the war, Reuters reported on Friday.

According to ship tracking firm Kpler, only nine vessels passed through the strait Thursday, up from five Wednesday but well below August's 12-ship average. To put that in perspective, more than 130 ships crossed daily before the U.S.-Israel war on Iran began in February. That's a staggering collapse in one of the world's most critical maritime routes.

Abu Dhabi National Oil Company said two of its vessels were attacked Thursday; the UAE government blamed Iran, which did not comment. Meanwhile, U.S. Defense Secretary Pete Hegseth told reporters the Navy can sustain its blockade of Iran long-term by rotating ships in and out.

Treasury Signals Unprecedented New Sanctions

On Friday, Treasury Secretary Scott Bessent said the U.S. plans fresh measures "next week," calling them unmatched in the history of economic isolation, in an interview on Newsmax's "Rob Schmitt Tonight." That's a bold claim, but it underscores how serious Washington is about squeezing Tehran.

Talks to revive June's ceasefire have stalled. Earlier this week, Iran's new security chief, Mohsen Razaei, said in a post on X that the strait will reopen only once the U.S. ends the war and blockade, releases frozen assets and agrees to a region-wide ceasefire. Iran's Foreign Minister Abbas Araghchi has also hit back, accusing Washington on Thursday of repeated intelligence failures and warning of an even bigger miscalculation over the strait.

So, what's the takeaway? The situation remains tense, with no clear path to de-escalation. For markets, this means continued uncertainty around oil supply and shipping costs. Keep an eye on the strait—it's not just a geopolitical flashpoint, it's a barometer for global energy prices.