US returns 23 vessels to Iran amid ongoing Strait of Hormuz blockade

US forces have returned 23 vessels to Iran as part of a naval blockade, and the Strait of Hormuz traffic normalization market prices traffic returning to normal by June at 0% YES.

Traders read the vessel return as heightened enforcement, not de-escalation. With 73 days left until the end of June, the market has priced in continued disruption. No buying pressure on YES shares has materialized.

The US-Iran Diplomatic Meeting market sits at 100% YES for April 30, though this likely reflects market structure more than actual diplomatic prospects. No new talks have been scheduled, and the blockade’s intensity points to a hardline stance from the US side.

Volume in the Strait of Hormuz market is at $0 face value. The market is thin enough that any significant trade could swing odds sharply, but no such trades have occurred. This reads as consensus that the blockade continues rather than uncertainty about the outcome. A YES share would pay $1 if traffic normalizes by June, a bet no one is currently willing to take.

Watch for changes in US or Iranian military postures, or statements from Abbas Araghchi or Dan Cain. A shift from military to diplomatic language would be a genuine signal worth trading on.

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