Trump’s threat to destroy Iran’s infrastructure if a deal isn’t reached has driven peace deal odds sharply lower. A permanent peace deal by April 22 is at 19.5% YES, down from 40% yesterday.
Market reaction
The April 30 peace deal market fell from 61% to 33.5%. May 31 odds sit at 58.5%, suggesting traders still price in a reasonable chance of negotiation over the next month even as near-term contracts sell off.
The Strait of Hormuz blockade lifting by May 31 dropped to 78%, down from 90% yesterday. The April 19 contract is effectively dead at 5.2% with one day left.
Why it matters
Trump’s rhetoric has moved from negotiation toward direct threats of military action against Iranian infrastructure. The simultaneous drop across both peace deal and blockade-lifting contracts shows traders repricing the probability of any near-term resolution. The largest single move was a 5-point drop at 5:56 PM, likely a direct reaction to Trump’s latest statements.
What to watch
Peace deal markets are trading $1.6M in USDC daily. It takes $9,366 to move odds 5 points, so the book has reasonable depth. A YES share for April 22 pays 5.13x if it resolves, but with two days left and escalating threats, that bet requires rapid diplomatic progress that isn’t visible yet. Watch for Pentagon statements or responses from Iranian leadership; a change in tone from either side could move these contracts fast.
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Trump Announces Us Blockade Of Hormuz Lifted| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| May 31, 2026 | 80% | — | — | Trade → |
| April 19, 2026 | 5.2% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 22, 2026 | 17.5% | — | — | Trade → |
| April 30, 2026 | 33.5% | — | — | Trade → |
| May 31, 2026 | 57.5% | — | — | Trade → |
| June 30, 2026 | 66.5% | — | — | Trade → |
