Iranian foreign minister arrives in Islamabad amid US envoy visits

Iranian Foreign Minister Abbas Araghchi arrived in Islamabad while US envoys Steve Witkoff and Jared Kushner are also heading to the Pakistani capital, and the market for Trump agreeing to Iranian oil sanction relief by April 30 sits at 7% YES.

Market reaction

The April 30 sanction relief market ticked up from 6% yesterday but collapsed from 65% a week ago. The 28% YES odds for the June 30 deadline suggest traders expect some catalyst in the coming weeks. Daily USDC volume is $10,723, with $9,564 needed to move the price 5 points. The market for Trump attending the next US-Iran meeting is currently inactive.

Why it matters

Araghchi’s stop in Pakistan is part of a three-nation tour. The simultaneous presence of Witkoff, Kushner, and Araghchi in Islamabad raises the possibility that Pakistan is acting as a go-between, even though Pakistan and Iran have had recent bilateral tensions. If Araghchi’s visit produces direct contact with the US side, the inactive diplomatic meeting market could reactivate quickly.

What to watch

Statements from Pakistan’s government or any announcement of a formal meeting between US and Iranian officials would move both the diplomatic meeting and nuclear agreement markets. At 7¢, a YES share for sanction relief by April 30 pays 14.3x, but that bet requires a diplomatic breakthrough within six days.

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