The United States says the offensive phase of its operations against Iran is over and that it is now focused on protecting commercial shipping in the Strait of Hormuz. The shift comes as the US continues to describe risks to maritime traffic in the area, where the strait remains blocked. According to the US, military activity is transitioning away from offensive strikes and toward safeguarding vessels transiting the region. However, subsequent events indicate the broader conflict is not fully resolved. After a day of strikes, a cargo vessel is targeted again, suggesting continued danger for shipping and that operational pressure may persist even as the US characterizes its posture as defensive. In parallel, financial markets react to the announcement and the situation in the region. Oil prices hold a decline as investors weigh the US statement that offensive actions are ending against ongoing disruptions to shipping through the Strait of Hormuz and the prospect of further incidents at sea.