Strait of Hormuz traffic normalizationIran has reportedly refused to open the Strait of Hormuz to normal maritime traffic until the ongoing conflict with the United States is resolved. This development, reported by @FirstSquawk, suggests a continuation of the strategic leverage Iran holds over this crucial maritime chokepoint. The United States, in turn, has offered concessions involving a southern route, though Iran maintains its stance of controlling transit. AdvertisementKey TakeawaysIran’s refusal to open the Strait of Hormuz is consistent with a decreased likelihood of traffic normalization by the end of August. What to WatchObservers should monitor any official announcements from Iran or the United States regarding the status of the Strait of Hormuz.