## Market Snapshot
The Strait of Hormuz normal traffic market (June 15) is priced at 8.5% YES, up from 8% 24 hours ago. WTI crude oil $150 strike markets for May remain near 0.1%–0.4% YES across all sub-markets.
## Key Takeaways
– Pricing appears consistent with YES outcome support on Hormuz reopening, though the market remains skeptical that full normalization arrives by June 15. – Sub-market dispersion on Iranian demands suggests participants view oil sanction relief (55% YES) and asset unfreezing (50% YES) as more likely concessions than uranium enrichment rights (14% YES) or transit fees (6% YES). – WTI extreme-price markets pricing suggests participants view a $150 spike as effectively ruled out, consistent with de-escalation scenarios reducing geopolitical risk premiums.
## Article Body
