Iranian officials claim US forces retreated from the Strait of Hormuz, asserting control and hindering negotiations. The market for Trump lifting the Hormuz blockade by May 31 sits at 82% YES, down from 90% yesterday.
Market reaction
The odds for Trump lifting the blockade on April 19 dropped to 8% YES, a 20-point dive over 24 hours. Traders see minimal chances of any near-term resolution. The 70-point gap between the April 19 and May 31 contracts suggests traders expect whatever breaks the impasse to happen in late May, not before.
The US-Iran ceasefire market shows similar caution. Odds of the ceasefire ending by April 21 are at 16% YES, up from 6% a day ago. The uptick points to rising tension but not an imminent breakdown.
Why it matters
Actual USDC spent on these markets tells the story. The Hormuz blockade May 31 sub-market has $9,914 in daily trading volume, with $1,419 needed to shift the price by 5 points — moderate liquidity. The largest single move was a 5-point drop at 12:19 PM. The ceasefire market, with $7,248 in daily USDC trading, saw a 5-point spike at 11:03 AM on thinner liquidity, making it more volatile.
What to watch
Iran’s firm stance on Hormuz management and stalled negotiations point to a persistent impasse. The US blockade and Iranian control claims remain entrenched, and neither side has signaled flexibility. At 82¢, a YES share pays $1 if Trump announces lifting the blockade by May 31 — a 1.28x return. That price requires belief in a breakthrough by late May.
Watch for Trump’s public statements or tweets. Any signal of a shift in US policy or a new negotiation date could move these markets fast.
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Trump Announces Us Blockade Of Hormuz Lifted| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| May 31 | 82% | — | — | Trade → |
| April 19 | 6.9% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 21, 2026 | 17.5% | — | — | Trade → |
