Trump’s nonchalant remarks about Iran’s participation in upcoming talks match Tasnim’s report that Iran’s decision not to attend remains unchanged. The odds of a US-Iran peace deal by April 22 are at 16.5% YES, down from 40% yesterday.

The Iran Uranium Enrichment Agreement market has dropped sharply, with odds at 32.6% YES, down from 50% just 24 hours ago. Traders are pricing in low probability that Iran agrees to halt uranium enrichment by the end of April. The April 30 peace deal market has also fallen to 37.5% YES from 61% yesterday, showing growing skepticism about a near-term resolution.

Volume in the US-Iran peace deal market is $3.95M in face value over the past 24 hours, with $1.64M in actual USDC. It takes $9,404 to move the April 22 market by 5 points, which is moderate liquidity. The largest single drop was 5 points at 5:56 PM, likely driven by Iran’s confirmed absence from talks.

The internal power struggle within Iran complicates any path to a deal. Ghalibaf and Araghchi support talks while the IRGC opposes them. This division is a genuine hurdle. For traders, YES shares on an Iranian uranium agreement at 32.6¢ would pay $1 if resolved, a 3.6x return. For this to pay off, Iran’s negotiators need to overcome IRGC resistance quickly.

Watch for any signals from the IRGC or Iranian state media indicating a shift in stance. A surprise announcement of Iran’s participation in talks, or a conciliatory move from the Supreme Leader, could swing these markets hard.

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