Japan’s PM engages with Iran for safe Strait of Hormuz passage

Japan’s Prime Minister Sanae Takaichi is diplomatically engaging with Iran for safe passage of vessels through the Strait of Hormuz. Strait of Hormuz traffic returning to normal by May 15 is at 16% YES, up from 14% yesterday. The market saw a 46-point spike at 11:40 AM when odds briefly surged from 14% to 60% before retreating. The current price sits above yesterday’s level but well below that peak. Traders view Takaichi’s outreach as a possible path toward easing tensions and normalizing traffic, but no direct agreement exists yet, so the move remains speculative. The Strait of Hormuz traffic normalization market has $184,621 in actual USDC daily volume. It takes $37,667 to move the price 5 percentage points, making the book reasonably deep but still vulnerable to large orders.

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