Iran war disrupts global oil supply, Strait of Hormuz closure impacts markets

The Iran war has disrupted global oil supply on a scale the International Energy Agency calls unprecedented. The regime’s fall by April 30 sits at 0.7%, while the likelihood of a ceasefire by April 30 is at 14.5%.

## Market reaction

The closure of the Strait of Hormuz and attacks on Qatar’s LNG facilities have rattled markets. The Iranian regime fall by June 30 market sits at 8.5%, a 2.5-point increase from yesterday, as traders price in mounting internal pressure from severe economic damage. The spread between the April 30 and June 30 contracts suggests traders expect any catalyst to arrive later, with June carrying more weight.

On the ceasefire side, the market for announcing an end to military operations by April 30 dropped from 32% to 14.5%. The largest move was a 5-point spike at 6:59 PM that quickly corrected. The ongoing blockade and absence of diplomatic progress have pushed near-term resolution odds down sharply.

## Why it matters

Trading volumes tell the story. The Iranian regime fall markets have a combined actual USDC trading volume of $33,064, with order book depth that makes it expensive to move prices significantly. The ceasefire market, with $68,607 in actual USDC traded, is more liquid but still vulnerable to large orders swinging the odds.

The low odds on both regime fall by April 30 and ceasefire by the same date reflect trader skepticism about any imminent change. Without diplomatic breakthroughs or a shift in military dynamics, the risk of a prolonged conflict with lasting economic damage stays high.

## What to watch

Signs of diplomatic engagement from intermediaries like Oman or Qatar, and any shifts in rhetoric from key actors, would be the clearest signals for market movement.

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