Japan’s Prime Minister Sanae Takaichi is diplomatically engaging with Iran for safe passage of vessels through the Strait of Hormuz. Strait of Hormuz traffic returning to normal by May 15 is at 16% YES, up from 14% yesterday.
The market saw a 46-point spike at 11:40 AM when odds briefly surged from 14% to 60% before retreating. The current price sits above yesterday’s level but well below that peak. Traders view Takaichi’s outreach as a possible path toward easing tensions and normalizing traffic, but no direct agreement exists yet, so the move remains speculative.
The Strait of Hormuz traffic normalization market has $184,621 in actual USDC daily volume. It takes $37,667 to move the price 5 percentage points, making the book reasonably deep but still vulnerable to large orders. Traders are watching for further diplomatic announcements or actions from Donald Trump or CENTCOM that could shift odds.
Japan’s diplomatic push matters but hasn’t changed the fundamental situation yet. Buying YES at 16¢ offers a potential 6.25x return. A firm deal or a change in Iran’s blockade stance would be needed to justify that bet. The market will react to any concrete moves by Iran to relax restrictions or new U.S.-Iran agreements.
Watch for updates from Iranian officials or further Japanese diplomatic steps. Any shift in U.S. policy, particularly from Trump or CENTCOM, would also move these odds.
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Strait Of Hormuz Traffic Returns To Normal May 15| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| May 15 | 15.5% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| May 31, 2026 | 51.5% | — | — | Trade → |
