At the intersection of commerce and conflict, the ancient sea lanes threading through the Middle East are growing quieter. On Tuesday, only six vessels passed through the Strait of Hormuz — half the usual pace — as Houthi strikes on Saudi Arabia, American attacks on Iranian tankers, and Iranian retaliation against a U.S. base in Jordan compressed the region into a single, volatile moment. Across both Hormuz and Bab el-Mandeb, the merchant world is doing what it has always done when empires clash at the water's edge: it waits.