Hormuz has more movement than it had two days ago. It still has not produced the clean receipt the paper asked for when June 19 found shipments rising while PGSA permit risk survived, after June 18 separated side-route traffic from a cleared main channel.

BNN Bloomberg reported that oil shipments rose in Hormuz while questions grew over Iran's transit terms. [1] CP24 carried the same Reuters-derived account, tying renewed tanker movement to unresolved terms around passage. [2] Those sources prove recovery from paralysis. They do not prove ordinary passage.

The public compliance file is still sitting in plain view. OFAC FAQ 1249 keeps the Persian Gulf Shipping Agency sanctions perimeter relevant to U.S. persons and transactions involving PGSA-linked activity. [3] OFAC's downloaded record remains part of the same sanctions file. [4]

That leaves the argument in the middle water. X can point to movement and say Hormuz reopened. MSM can point to traffic and price relief and say the panic eased. A shipper needs the duller record: a main-channel clearance, an insurer bulletin, a port circular, a mine update, and a lawful payment path.

The strait is moving. It is not yet ordinary.

-- DARA OSEI, London