A ceasefire aimed at reopening the strategically vital Strait of Hormuz has instead led to reduced maritime traffic, with shipowners holding back amid ongoing uncertainty.

Shipping data showed only four vessels transiting the strait on Wednesday, down from 11 the previous day—despite expectations that the U.S.-Iran truce would restore normal flow through the narrow waterway, which typically carries about one-fifth of the world’s oil and gas supplies.

Iran has maintained that, under the ceasefire arrangement, it will retain control over access to the strait. Authorities are requiring vessels to obtain permission from the Islamic Revolutionary Guard Corps and pay transit fees. Shortly after the ceasefire was announced, Iran also halted oil tanker movements in response to Israeli strikes in Lebanon.

In a joint statement, the Guards’ naval and aerospace divisions said the measures underscore Iran’s readiness to respond during the two-week pause in hostilities, noting that negotiations with the United States are expected to resume on Friday.

The situation has left shipping operators in limbo, unsure whether conditions will stabilize or signal a longer-term shift in how vessels navigate the strait.

“It’s a waiting situation,” said SV Anchan, chief executive of Safesea Shipping, whose vessel was destroyed in an earlier Iranian strike that killed a crew member. He emphasized the need for clear guarantees around safe passage.

Industry leaders echoed those concerns. Erik Hånell, chief executive of Stena Bulk, said operators remain cautious as several tankers are still positioned within the Gulf, awaiting clarity on security conditions.

“We all feel the situation is very fragile,” he said, adding that shipowners are seeking firm assurances before resuming normal transit through one of the world’s most critical energy corridors.