The morning read.

The oil market tells a different story. WTI $90 probability collapsed 23 points to 31% on $119K volume — the crowd is pricing no sustained supply shock despite ongoing Strait of Hormuz tensions.

The gap between military reality and market pricing is stark. BBC confirms U.S. strikes hit Iran for the seventh consecutive night, yet invasion probability is falling and ceasefire markets are rising. The crowd is reading the strike pattern as coercive diplomacy, not escalation. Oil Price reports Trump scrapped his Hormuz toll plan as the conflict deepens, and state-aligned Tehran Times claims Iran has "crushed US military might" in the strait — but the money is betting on normalization, not protracted conflict. Either the market sees diplomatic progress that isn't yet public, or it's mispricing the risk that this military engagement becomes self-sustaining.

What to watch:U.S. invasion of Iran before 2027 at 22% — the crowd is pricing diplomacy over escalation. The picture changes if this market climbs back above 30% on another $500K of volume, signaling the de-escalation thesis is breaking. Israel-Iran ceasefire continues through July 31 at 72% — the crowd expects the current pause to hold. If this drops below 60% on real volume, the ceasefire is fracturing.WTI hits $90 in July at 31% — the market is fading the oil spike despite Hormuz tensions. If this crosses 45% on $200K+ volume while Iran invasion stays below 25%, the crowd is repricing a supply shock independent of invasion risk.

strikes. The crowd is reading military action as coercive diplomacy, not invasion prep.

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