In the ongoing conflict between the United States and Iran, the US military has stated that it has 'destroyed' much of Iran's conventional naval capabilities, sinking over 155 vessels including significant warships like the IRIS Shahid Sayyad Shirazi and IRIS Dena. Analysts suggest that Iran has lost 80% to 90% of its Regular Navy (Artesh), which is considered the 'prestige' fleet. However, the Islamic Revolutionary Guard Corps (IRGC) Navy, which employs small fast-attack boats, drones, and mines, remains largely operational with more than 60% of its fleet intact. The IRGC's asymmetrical strategy allows it to maintain control over the crucial Strait of Hormuz, despite the damage inflicted on its conventional forces. The Strait is currently under a 'country-by-country permission system' imposed by the IRGC, causing shipping traffic to plummet to less than 10% of normal levels, and leading to a spike in global oil prices exceeding $100 per barrel. The US Navy has initiated 'freedom of navigation' operations to counter these disruptions, yet tensions remain high, with Iran threatening to attack US vessels in the area.