The Strait of Hormuz has become a focal point of the US-Israel war with Iran after Tehran effectively choked off one of the world's most important shipping lanes, carrying about a fifth of the world's oil and liquefied natural gas.
A two-week ceasefire was agreed on Tuesday evening on the condition that safe passage through the strait is guaranteed - but BBC Verify analysis shows only a few vessels have since crossed.
The disruption, over the past five weeks, has sent shock waves across the world economy, pushing up energy prices and exposing just how reliant international supply chains are on the strait, which is only about 33km (21 miles) wide at its narrowest point.
As well as energy, the Gulf is also vital for transporting chemicals needed to process products like microchips, pharmaceuticals, and fertiliser.
While the price of oil has fallen on news of the ceasefire, shipping analysts are warning to expect only a trickle of crossings for now.
Most shipping lines would want to get details and reassurances on what it actually takes to transit and those details are not available, Lars Jensen from Vespucci Maritime told the BBC.
Since the ceasefire came into force, shipping brokerage firm SSY has confirmed to BBC Verify that ships in the Gulf have received a warning from Iran's navy that any vessels seeking to cross without permission will be targeted and destroyed.
By 14:00 BST on 8 April just three tankers - NJ Earth, Daytona Beach, and Hai Long 1 - had passed through the strait since the ceasefire was announced late on Tuesday night.
That's based on BBC Verify analysis of ship-tracking data from MarineTraffic.
That compares to 138 ships that passed through the strait each day, on average, before the conflict started on 28 February.
We do not know if the three vessels that crossed on Wednesday were the result of the ceasefire or whether they had already planned to make the journey.
It is still too soon to tell whether this reflects a broader ceasefire-driven reopening or a previously approved exception, says Ana Subasic from the shipping analyst company Kpler.
Nothing has really changed yet, adds Jensen, arguing it will take time before crews are confident enough to cross safely.
BBC Verify's analysis of the paths taken by the three ships shows them taking a northern route through the strait close to Iran's coastline and entering its territorial waters.
If crossings do resume, Meade expects that stranded tankers that are fully loaded with cargo will be the first through.
You've had nearly 800 ships stuck in there for several weeks. Most of them are now loaded with cargo, so the priority is going to be to get them out.
Despite the lack of crossings so far, markets responded positively in the hours following the ceasefire.
Benchmark Brent crude fell by about 13% to $94.80 (£70.73) a barrel, while US-traded oil was more than 15% lower at $95.75.
