US, Iran near deal on ceasefire extension, Hormuz reopening: report

## Market Snapshot

The market for “Strait of Hormuz traffic returns to normal by end of May” is currently priced at 8.3% YES, up from 7% 24 hours ago and 4% a week ago. The “Bab el-Mandeb Strait effectively closed by May 31” market is at 4.3% YES, and “Iran closes its airspace by May 31” stands at 44.1% YES.

## Key Takeaways

– The report appears to suggest a potential increase in Strait of Hormuz traffic, consistent with a YES outcome. – No significant impact is indicated for the Bab el-Mandeb Strait closure market, as the news is not directly related. – Iran airspace closure probabilities remain unaffected by the current news, suggesting no immediate relevance.

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