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Strait of Hormuz traffic returns to normal by end of May?

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Bulls Say, Bears Say

Bulls Say

US-Iran nuclear deal negotiations are reportedly advanced and could close before June

A ceasefire in broader military operations could restore shipping confidence without a formal deal

Iran's economic incentive to restore oil export revenue increases the probability of a May resolution

Bears Say

Normalization requires not just a deal but physical shipping infrastructure recovery and insurer confidence

Iran will extract maximum concessions before restoring Hormuz traffic flow

At 38%, there's meaningful probability but the timeline requires a deal to close within 5 weeks