Iran has agreed to send a delegation for peace talks with the US, conditional on the US lifting its blockade of the Strait of Hormuz. Trump’s remark about having “all the time in the world” complicates expectations for any imminent policy shift. Odds for a blockade lift announcement by May 31 sit at 78.5%, up from 76% yesterday.
Market reaction
The market reacted with skepticism to Iran’s condition, as Trump’s non-committal stance suggests a prolonged blockade. Odds for a May 31 blockade lift rose slightly, with traders hedging against potential diplomatic shifts. The largest single move was a 3-point spike at 5:08 PM, pushing the market from 84% to 87%, driven by $18,073 in USDC traded with $9,244 needed to shift the odds 5 points.
Why it matters
The US-Iran ceasefire end market is largely unaffected, sitting at 3.8% YES with no direct connection to the blockade news. Traders are treating the blockade question as separate from the ceasefire.
What to watch
Iran’s delegation promise is noise without an actual US response. At 82¢, buying YES in the blockade market offers a modest return if Trump announces a lift, but without concrete action from the US, expect odds to fluctuate with any diplomatic updates or naval movements in the Strait.
Vice President JD Vance’s trip to Islamabad is the next catalyst, where any progress or stalling could shift market expectations. Trump’s next statement on the blockade will matter most, as any indication of a policy change will move odds fast.
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Trump Announces Us Blockade Of Hormuz Lifted| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| May 31 | 78.5% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 21, 2026 | 19.4% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 21 | 100% | — | — | Trade → |
