## Market Snapshot
Strait of Hormuz Traffic in May market indicates a decrease in YES probability, consistent with the news of tightened control. The Strait of Hormuz Traffic by May market shows a 5.9% YES, while the July 31 market holds at 45.5% YES.
## Key Takeaways
– The tightening of control by Iran over the Strait of Hormuz appears to be consistent with a decrease in ship transits, impacting the probability of traffic normalization. – The backlog of ships waiting to pass suggests a decrease in the likelihood of the market resolving YES by the end of May. – The longer-term outlook by the end of July still shows a possibility for normalization, but current disruptions slightly decrease the probability.
## Article Body
