## Market Snapshot
The US-Iran ceasefire extension market (May 26 deadline) is priced at 13.5% YES, down sharply from 72% 24 hours ago. The July 31 Hormuz normalization market holds at 69.5% YES, while near-term Hormuz transit sub-markets have fallen significantly from prior-day levels.
## Key Takeaways
– Pricing appears consistent with YES outcome support for longer-dated Hormuz and ceasefire markets, suggesting participants view the MOU framework as a potential catalyst beyond the immediate May 25–26 window. – The sharp collapse in near-term ceasefire pricing (72% → 13.5% for May 26) suggests markets interpret “if finalized” language as inconsistent with imminent formal announcement. – The 60-day nuclear negotiation window described in the MOU appears consistent with the June 7 ceasefire sub-market, currently priced at 56.5% YES.
Advertisement## Article Body
Iran’s Foreign Ministry spokesperson confirmed Sunday that a 14-point memorandum of understanding under discussion centers on ending the war and lifting the U.S. naval blockade, in exchange for Iran taking steps to ensure safe commercial transit through the Strait of Hormuz. The spokesperson added that if the MOU is finalized, nuclear issues and other subjects would enter a separate 60-day negotiation period. The statement was attributed to Iran’s Foreign Ministry via @DeItaone, a financial newswire aggregator. The disclosure follows recent reporting that U.S. Central Command has redirected over 100 commercial vessels during a six-week blockade of Iranian ports. No U.S. government confirmation of the MOU framework has been issued.
## Market Interpretation
The MOU description appears supportive of YES outcomes in longer-dated markets — particularly the June 7 ceasefire extension (56.5% YES) and July 31 Hormuz normalization (69.5% YES) — where the 60-day negotiation timeline aligns with resolution windows. Impact is assessed as Moderate. Near-term market pricing (May 25 at 4.5%, May 26 at 13.5%) suggests market participants view formal announcement within 24–48 hours as unlikely given the unfinalized status of the MOU.
## What to Watch
A formal U.S. response confirming or denying the MOU framework would represent a high-impact development for all three market clusters. IMF PortWatch daily vessel counts through May 31 remain the key resolution indicator for near-term Hormuz sub-markets. The May 26 ceasefire deadline and any Iranian parliamentary action on blockade legislation warrant close observation.
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Will Ships Transit The Strait Of Hormuz On Any Day May 31| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| May 31 | 54.5% | — | — | View market → |
| May 31 | 11% | — | — | View market → |
| May 31 | 15% | — | — | View market → |
| May 31 | 4.3% | — | — | View market → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| May 26 | 13.5% | — | — | View market → |
| May 25 | 5% | — | — | View market → |
| June 7 | 56.5% | — | — | View market → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| July 31 | 70.5% | — | — | View market → |