Iran and the United States are continuing negotiations regarding a ceasefire following a conflict initiated in late February by an Israeli-American air offensive against Iran. While large-scale fighting has paused, a power struggle continues in the Strait of Hormuz, with Iran demanding control of the vital waterway and the US attempting to blockade Iranian vessels. Neither side is achieving complete success, as Iran's ability to disrupt the global economy appears limited, though the conflict isn’t necessarily tilting in America’s favor. Iran maintains its demand for coordination with its authorities for all ship transits through the Strait of Hormuz, and has reportedly attacked vessels that did not comply, with three oil tankers hit by projectiles on Tuesday according to maritime intelligence firm Marisk. The US Navy is quietly escorting oil tankers through the Strait of Hormuz, increasing oil supply to the global market and potentially diminishing Iran’s leverage through high oil prices. In response, Tehran is attempting to revive a previously signed declaration of intent between the two countries.