Rubio clarified that Operation Epic Fury focuses on weakening Iran’s military, not reopening the Strait of Hormuz or regime change. Odds of a US-Iran ceasefire by April 7 fell to 8% YES from 10%.

Traders adjusted their ceasefire expectations after Rubio’s statement. The April 7 market now sits at 8% YES, showing skepticism about a quick end to hostilities. April 15 odds also dropped to 18% from 20%. However, optimism for a ceasefire by April 30 rose to 38% YES, up from 36%, as some anticipate diplomatic efforts later in the month.

Ceasefire markets show increased skepticism short-term after Rubio’s remarks. The largest move was a 2-point drop at 8:13 AM for the April 7 market, driven by traders adjusting positions with no immediate ceasefire signal.

US-Iran ceasefire markets are active, with $1,365,780 in USDC traded in the last 24 hours. Shifting April 7 odds by 5 points costs over $15K, indicating sensitivity to moderate trades. The market is liquid but vulnerable to large trades.

Rubio’s focus on military action dims hopes for quick diplomacy. A YES share for a ceasefire by April 7 costs 8¢, paying $1 if resolved, but the military stance makes this unlikely. The market expects prolonged conflict, but unexpected diplomacy could change this.

Watch for statements from CENTCOM or intermediaries like the Sultan of Oman. Any signs of negotiations or softened rhetoric could shift expectations.

Markets Impacted

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