Iran has reinstated restrictions on the Strait of Hormuz, alleging US violations of a reopening agreement. The Polymarket contract on Trump lifting the blockade by May 31 holds at 85% YES, unchanged from a day ago.
## Market reaction
Iran’s reversal has not moved the May 31 market, which sits at 85% YES, meaning traders still price in a resolution before that deadline. The April 19 market is at 17.5% YES, showing little confidence in an immediate breakthrough. The April 30 market has fallen to 63% YES from 60% previously.
Combined daily volume across these three markets is $33,928 in USDC. The order book on the May 31 contract requires $3,730 to move the price five points, which points to meaningful liquidity and relatively firm positioning on a mid-term resolution.
## Why it matters
Iran’s reimposition of restrictions shows how unstable the current negotiating framework is. The market is still bullish on a blockade lift by May 31 but much less confident about April. Buying YES at 63¢ on the April 30 contract offers a potential 2x return, but that bet requires a rapid improvement in US-Iran relations within roughly two weeks.
## What to watch
US Navy statements and any changes in military posture near the strait are the most direct signals. New diplomatic contacts between Washington and Tehran, or third-party mediation efforts, would also shift the calculus on the April and May contracts.
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Trump Announces Us Blockade Of Hormuz Lifted| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| May 31 | 85% | — | — | Trade → |
| April 17 | 8.5% | — | — | Trade → |
| April 19 | 12.5% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 30 | 8% | — | — | Trade → |
| April 30 | 63% | — | — | Trade → |
