Since the US and Iran struck an accord over the weekend, we have seen ship traffic pick up in the Strait of Hormuz this week. An estimated number of 30 to 40 vessels were seen crossing the waterway on Tuesday and Wednesday. And that number goes even higher in the past 48 hours when accounting for the evacuation scheme conducted by the United Nation's International Maritime Organisation.According to ship tracking data, the running total of successfully evacuated ships sits at 57 vessels. But now, that figure is frozen in place after Iran stirred up more uncertainty overnight here:UN shipping agency says it will pause Hormuz evacuation planIran fires on cargo ship in Hormuz strait, UN halts evacuation as oil price bounceAll the signs continue to point to the notion that Iran still wants to strictly manage traffic along the strait. As a reminder, this remains their biggest leverage in any further negotiations with the US. So, it makes no sense for them to offer up any major concessions on this front. That especially in letting other parties get access to the waterway.The good news for now is that we are seeing some oil tankers pass through with reports suggesting that the ships are carrying around 5 to 6 million barrels of oil in total this week. That is still a far cry from the roughly 14 million barrels that move through the waterway in a single day before the war. However, it is a start at least.The key question though is, how much more can that number go up?Iran continues to prioritise their own oil exports at this stage, moving shipments out at an extraordinarily high rate. That after the US lifted oil sanctions on Iran as part of the framework agreement of course. Just to put things into context, Iran moved out 20 million barrels on 19 June itself and took out another 6 million barrels on their end in the early stages of this week.As for everyone else, they will have to slowly wait in line. The majority of ships crossing this week are not oil tankers. They have all been dry bulk carriers, container ships, and general cargo ships.But even then, we are not seeing the big commercial vessels move this week. The likes of Maersk and MSC are still rerouting their primary fleets around the Cape of Good Hope until a permanent peace treaty is agreed upon.So, just keep all of this in mind whenever you read into headlines that the Strait of Hormuz has "reopened".There's a lot of mud in the waters in trying to get a good read of what is happening. However, essentially the two things that need answering are:Will traffic flow continue to pick up more meaningfully in the days/weeks ahead? Or is this the upper limit?How much oil and gas flows will be allowed to move as Iran is managing control over the strait?As said before, we are now in Stage 4/5 of the likely play-by-play on this matter: This article was written by Justin Low at investinglive.com.