Malaysian Prime Minister Anwar Ibrahim is contemplating a general election in the third quarter, conditional on his government avoiding further subsidy cuts. The US has simultaneously increased pressure on Iran with a naval blockade, complicating diplomatic prospects. The likelihood of a US-Iran diplomatic meeting on April 24 now sits at 0.5% YES.
Market reaction
Anwar’s election considerations depend on economic stability, particularly maintaining subsidies amid global energy volatility. The US naval blockade has driven related markets down hard: the US-Iran diplomatic meeting on April 23 sits at 0%, and the April 24 market dropped from 10% to 0.5% YES. April 25 and April 26 meetings are at 1.4% and 1.8% YES, respectively.
Why it matters
The market for Trump agreeing to Iranian oil sanction relief in April has collapsed to 11.5% YES, down from 38% a week ago. The blockade represents a hardline stance that makes concessions unlikely in the near term.
The naval blockade is a serious escalation, signaling US resolve to force Iran’s hand in negotiations. For traders, the question is whether this pressure eventually produces talks or hardens both sides’ positions. At 12¢, a YES share on Trump agreeing to sanction relief pays $1 if resolved, a 8.3x return. Traders banking on a diplomatic breakthrough may need to reassess.
What to watch
Actual USDC volume in the diplomatic meeting markets totaled $1,376 over the last 24 hours, with just $54 needed to shift the April 24 market by 5 points. The sanction relief market saw $7,320 in real dollars, with $461 moving it 5 points. These are thin books, vulnerable to large single trades.
Watch for statements from the US State Department or Iran’s Foreign Ministry. Any signal of talks resuming or concessions being offered could move these markets fast.
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Next Us X Iran Diplomatic Meeting On| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 23 | 0.1% | — | — | Trade → |
| April 24 | 0.5% | — | — | Trade → |
| April 25 | 1.4% | — | — | Trade → |
| April 26 | 3% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April | 12% | — | — | Trade → |
| Contract | Odds | Δ since publish | Volume 24h | |
|---|---|---|---|---|
| April 21, 2026 | 100% | — | — | Trade → |
