Six weeks into Iran's blockade of the Strait of Hormuz and the numbers tell a stark story. Where nearly 50 oil and gas tankers were passing through the strait on an average day in February, that figure has collapsed to just 3.5 a day in April.
On Wednesday, not a single tanker exited the Gulf through Hormuz. Two came in. The world's most important oil chokepoint is, to all practical purposes, shut.
Diplomacy is moving, but slowly and with no guarantees. US and Iranian negotiators are reportedly scaling back their ambitions, focusing on a temporary agreement to avoid a return to full conflict rather than any comprehensive deal.
Donald Trump announced a 10-day Israel-Lebanon ceasefire, while US defence secretary Pete Hegseth made clear that American forces remain ready to resume combat if talks collapse.
China called the blockade irresponsible and demanded a return to normal shipping. Markets are listening, but not yet convinced.
The damage to energy infrastructure across the region has been extensive. UBS has tracked strikes on refineries, pipelines and oil terminals across Saudi Arabia, Iraq, Kuwait, Qatar and the UAE since early March, with Qatar's liquefied natural gas facilities among the most serious casualties, knocking out around 17% of the country's export capacity.
In the meantime, workarounds are straining under the pressure. Saudi Arabia's Yanbu terminal and the UAE's Fujairah port, both outside the strait, have been handling far more shipments than usual, but loadings dipped sharply on Wednesday.
Asian and European buyers are increasingly turning to American crude, with US exports running at around 5.2 million barrels a day. The world is adapting. It is also hoping this ends soon.