The UK Maritime Trade Operations (UKMTO) has elevated the threat level in the Strait of Hormuz and the Gulf of Oman to “critical.” The market for traffic normalization by the end of April sits at 8% YES.

The advisory cites risks including navigation interference and potential attacks, making a return to normal traffic levels unlikely in the near term. This has pushed the Strait of Hormuz traffic normalization market odds down. Traders are pricing in sustained disruptions, with the likelihood of normalization by April 30 falling.

The UKMTO update may also move the warships through the Strait of Hormuz market. Odds for the UK sending warships are at

The threat level elevation points to a real change in regional security conditions, not a routine update. At 8¢, buying YES for UK warships pays $1 if they transit, a

Watch for announcements from the UK Ministry of Defence. Confirmation of a frigate deployment would reprice both markets immediately.

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