How the contract works
Probability
How the price has moved
Analysis
Context
What moves the probability
Israel-Iran tension
Any renewed military confrontation with Israel, even short of the scale of June 2025, raises the odds sharply given that episode's precedent of a multi-day nationwide blackout. Absent such an escalation, this driver is dormant and pushes the probability down.
Domestic unrest
Iran has twice imposed shutdowns to blunt protest coordination โ 2019 over fuel prices, 2022 over the death of Mahsa Amini. A new wave tied to currency depreciation, fuel subsidy cuts, or another flashpoint would be the most likely domestic trigger and would push the price up quickly.
Nuclear and sanctions diplomacy
Breakdown in nuclear talks or a new round of sanctions tightening could sharpen internal economic pressure, which historically has preceded unrest-driven shutdowns in Iran. This is an indirect but relevant pressure point, pushing probability up only if talks visibly deteriorate.
Absence of an active crisis
With no reported acute trigger as of early November 2026, the baseline case favors continued, if restricted, connectivity through year-end. This is the main factor holding the price below 50%.
The case for
- A renewed military exchange with Israel on anything like the June 2025 scale would likely reproduce that episode's near-total blackout within days.
- A sudden domestic shock โ a fuel or currency price move, or a security crackdown following unrest โ has twice before in seven years led Iranian authorities to order a full disconnection.
- Iran's government has demonstrated operational capacity to execute a near-total shutdown quickly, meaning the lead time needed before 31 December 2026 is short, not long.
- Six consecutive hourly readings at or below 1% of the trailing four-week maximum is a threshold Iran has cleared before, so the resolution bar is not unusually strict relative to past events.
The case against
- No acute military or domestic crisis is reported as of early November 2026, and both of Iran's prior full shutdowns followed a clearly identifiable trigger event that is not currently present.
- A roughly eight-week window is short for a shutdown to both start and be confirmed by six consecutive qualifying hourly readings before the deadline.
- Partial restrictions โ blocking specific apps or slowing mobile data, as in 2022 โ would not meet the 1%-of-trailing-maximum bar and would resolve this No even amid visible unrest.
- Iran's leadership may judge that another full shutdown carries economic and diplomatic costs it currently prefers to avoid absent a direct security threat.
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