How the contract works
Probability
How the price has moved
Analysis
Context
What moves the probability
IAEA enrichment reports
The International Atomic Energy Agency's periodic reports on Iran's uranium stockpile and enrichment levels are the clearest public signal of whether the June 2025 strikes achieved lasting setback. Reports showing a rebuild toward higher enrichment push the probability of renewed US action up; reports showing continued degradation or cooperation push it down.
Israel-Iran flashpoints
Any direct military exchange between Israel and Iran raises the chance the US is drawn back into a strike role, as it was in June 2025. This is the single fastest path to a No resolution, since it can escalate within days rather than months.
June 2025 precedent
The US has already struck Fordow, Natanz and Isfahan once under President Trump, which removes any uncertainty about willingness or capability. This precedent is the main reason the market prices renewed action above 50%, since a government that has acted once is judged more likely to act again under similar provocation.
US domestic political constraints
Congressional debate over war powers authority and public appetite for further Middle East military involvement could slow or deter a second strike even if provocation occurs. This factor works in favor of the ceasefire holding but has not been enough to flip the market toward Yes being favored.
Diplomatic track with Iran
Any renewed nuclear negotiation or interim agreement reduces the perceived need for military action and would be the clearest route to the ceasefire surviving through 2026. Its absence is part of why the market currently leans toward expecting a strike.
The case for
- Iran's enrichment activity remains within levels the IAEA does not flag as a renewed proliferation risk through the rest of 2026.
- No direct Israel-Iran military exchange occurs that would draw the US back into a strike role.
- Diplomatic channels between Washington and Tehran produce enough progress that a second US strike is seen as unnecessary.
- Congress or domestic political pressure constrains the administration from authorizing another strike even if provocation arises.
The case against
- Iran resumes enrichment at levels the IAEA assesses as a renewed weapons-relevant threshold before 31 December 2026.
- Israel and Iran clash militarily again, creating pressure on the US to act as it did in June 2025.
- Iranian-aligned forces attack US personnel or bases in Iraq, Syria or the wider region, prompting a US response that meets the strike definition.
- The administration, having already demonstrated willingness to strike Fordow, Natanz and Isfahan once, judges a second strike as a lower-cost option than sustained diplomacy.
What to watch
Trade this contract
- gas covered
- no trading fee
