The probability of Iran surrendering its enriched uranium stockpile by April 30 dropped to 19.1% YES, down from 37% just 24 hours ago, as a naval blockade targeting Iran’s oil exports through the Strait of Hormuz squeezes Tehran’s economy.
Market reaction
The April 30 market saw the sharpest decline, with traders pricing in skepticism about a quick resolution. The June 30 market moved in the opposite direction, climbing to 43.5% YES from 38% a day ago. The December 31 market sits at 65.5% YES. The biggest jump in odds occurs between the April and June contracts, which suggests traders expect negotiations to produce results in that window.
Why it matters
Total volume across these markets hit $53,830 in USDC over the last 24 hours. The April 30 market’s order book is thin, with only $562 needed to move the price 5 points, making it vulnerable to large trades. The largest single move was a 4-point drop at 3:17 PM. A sustained naval blockade could force diplomatic concessions from Iran to relieve sanctions pressure, but the near-term market is pricing that as unlikely within the next two weeks.
What to watch
Official statements from the Iranian government or the IAEA on nuclear stockpile negotiations will move these markets. Ali Khamenei and Mohammad Eslami are the key figures whose positions will determine whether odds shift further.
The trade
At 19.1¢, a YES share pays $1, a 5.88x return if Iran surrenders its uranium by April 30. That bet requires believing intense economic pressure will force Iran’s hand in roughly 14 days.
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Iran Agrees To Surrender Enriched Uranium Stockpile| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 30, 2026 | 16.6% | — | — | Trade → |
| December 31, 2026 | 65.5% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| June 30 | 43.5% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 2026 | 0.4% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| May 31 | 20.5% | — | — | Trade → |
