A fragile ceasefire that’s mostly quieted the skies over the Middle East isn’t giving shippers the nerve to brave the narrow waterway that holds the key to 20% of the world’s oil supply.

A commercial vessel caught fire Wednesday after being struck by a projectile while traveling through one of the world’s most

The warning signals that reopening the Strait of Hormuz may not bring immediate relief to oil markets, shipping routes or global supply chains.

A Thai-flagged cargo vessel was struck in the Strait of Hormuz on Wednesday shortly after departing from the United Arab Emirates, as regional tensions continue to disrupt one of the world’s most critical shipping lanes.

The purported attacks come amid Iran’s threats to target ships in the Strait of Hormuz in retaliation against the U.S.-Israeli strikes on its territory.

Ship traffic through the Strait of Hormuz stood at well below 10% of normal volumes on Thursday ​despite a U.S.-Iran ceasefire as Tehran asserted its control by warning ships to keep to its territorial waters while doing so.

The ceasefire between the US, Israel and Iran has done little so far to getting shipping through the vital waterway. It’s going to take more than just words to fix.

President Donald Trump said the U.S. military would remain around Iran until a real agreement is reached and fully complied with.