US redirects 33 vessels amid Iran blockade under Operation Epic Fury

U.S. naval forces have redirected 33 vessels since the start of the blockade against Iran under Operation Epic Fury. The probability of the United Kingdom sending warships through the Strait of Hormuz by April 30 is 2.4%, down from 10% a week ago.

Market reaction

The market for UK warships entering the Strait is thin. Trading volume is $917 per day, and $200 is enough to move the market 5 points. The largest recent move was a 2-point drop.

Why it matters

The prospect of Strait traffic returning to normal by the end of June looks poor. The sustained blockade and ongoing vessel redirection reduce the odds of a quick resolution. Thirty-three redirected vessels in a single operation points to an entrenched standoff, not a temporary measure. Market pricing reflects continued tensions rather than any path toward de-escalation.

What to watch

For traders, YES shares at 2.4¢ would pay a 41.7x return, but the contract expires in roughly seven days with no public indication the UK is preparing a transit. Watch for announcements from the UK Ministry of Defence or any IRGC escalation that might force allied navies to respond. Changes in diplomatic posture or unexpected maritime confrontations could move these odds quickly.

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