Insiders see little chance of freight rates returning to prewar levels anytime soon, due to both shifting trade flows and the evolving strategies of fleet operators and traders.

Analysts and policymakers warn that oil and gas traffic through the Strait of Hormuz may not return to pre-war levels.

Iran war: Tankers are using stealth to exit the Strait of Hormuz, freeing oil trapped in the Gulf. The practice of ships going dark is widespread. This makes it harder to gauge…