US Secretary of State Marco Rubio rejected Iran’s tolling demands in the Strait of Hormuz, and the market for Strait of Hormuz traffic returning to normal by May 15 dropped to 18% YES, down from 20% yesterday.
Rubio called Iran’s tolling system illegal, maintaining the US hardline approach. The Strait of Hormuz traffic market now prices in prolonged disruption with 21 days left until resolution. Odds for Trump agreeing to Iranian demands are also likely to fall, given Rubio’s emphasis on extraordinary sanctions.
The Strait of Hormuz market trades $36,459 in daily USDC volume, with $4,658 required to move the price 5 points. The largest move was a 2-point spike at 3:48 PM, suggesting traders are reacting quickly to new developments.
Rubio’s rejection raises the odds of a prolonged standoff over this chokepoint. The contrarian play: buying YES at 18¢ offers a 5.56x return if traffic normalizes by May 15. That bet requires a diplomatic breakthrough within three weeks.
Watch for announcements from CENTCOM or UN coalition movements in the Strait of Hormuz. Rubio’s next public remarks or any shift in US sanctions policy would be the most direct catalysts for price movement.
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Source: https://cryptobriefing.com/rubio-rejects-irans-tolling-demands-in-strait-of-hormuz-prolonging-standoff/
