## Market Snapshot
The market for “average ships transiting the Strait of Hormuz by end of May” is currently priced at 93% YES for 0-10 ships, reflecting a strong expectation of continued low transit levels. The “Strait of Hormuz traffic normal by July 31” market is priced at 56.5% YES, suggesting moderate expectations for resumption of normal traffic.
## Key Takeaways
– Hegseth’s statement appears to support the view that the U.S. is actively enforcing control over the Strait of Hormuz, consistent with a NO outcome for increased ship transits. – The assertion of an “ironclad” blockade suggests the continuation of current tensions, impacting expectations of traffic normalization by July 31. – Markets suggest a decrease in ship transits by May 31, indicating participants see limited movement through the Strait in the near term.
## Article Body
