The US naval blockade has stopped most Iranian crude exports through the Strait of Hormuz since mid-July 2026, with August volumes estimated at 220,000-255,000 barrels/day versus about 2 million in March (Vortexa, Kpler). The US has also begun striking Iranian tankers under a new "tanker for tanker" policy from 1 September, which raises the risk of supply disruption in the Gulf. For a Thai SME, this is a signal to watch diesel and fuel costs, transport surcharges and energy-linked input prices over the coming quarter, rather than an immediate action item.