The Strait of Hormuz has become a primary flashpoint for U.S.-Iran tensions following the launch of "Project Freedom," a U.S.-led initiative to escort commercial vessels through the waterway. Iran has responded with new transit restrictions and claims of ceasefire violations, rendering the situation highly volatile. The key metric to watch is the 7-day moving average of transit calls through the Strait as reported by IMF PortWatch, which remains significantly depressed amid mutual threats of military escalation.