In this episode of The PDB Afternoon Bulletin:

• The good news: the Strait of Hormuz is no longer at a standstill. The bad news: the global shipping industry still isn't convinced the crisis is over. We examine why traffic through one of the world's most important waterways remains well below pre-war levels despite signs of recovery and what it could mean for global energy markets.
• Later in the show—a bizarre new detail emerges from the war with Iran. A U.S. fighter pilot shot down over Iranian territory reportedly described seeing a swarm of Iranian drones moving through the sky in what he called a "jellyfish" formation moments before his aircraft was hit. We'll examine the report and what it could reveal about the future of drone warfare.

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