Iran has now ramped up its crude oil exports that it openly transacts through the Strait of Hormuz to its highest since before the war started. According to ship tracking data, there is around 6 million barrels of Iranian crude that are on board three US-sanctioned supertankers making its way through the waterway today.The indication is that these ships will be headed towards Singapore, where they are then usually transferred onto ships that deliver those oil barrels to Chinese refineries. So, who really won at the end of the day?While the US-Iran framework agreement is still fragile and could break down at any point in time, you can bet that Iran will fully maximise the leverage and concessions afforded to them. And this is one part of that.The kicker here is that the Strait of Hormuz is still more or less closed for business for everyone else. Iran is still "figuring things out" on how to manage the waterway, so they are not allowing for traffic to meaningfully pick up for the time being.Yes, there will certainly be some improvement in traffic flow to come. But as mentioned before, it will be a slow trickle and as seen over the weekend it can be a case of it being shut down at any sudden trigger. So, don't expect commercial vessels and maritime insurance companies to feel safe in making the assumption that normality will resume.We are now heading into Stage 4: This article was written by Justin Low at investinglive.com.