If Iran has effectively closed the Strait of Hormuz to cargo and tanker ships after Issuance and before Jan 1, 2027, then the market resolves to Yes. The closure must be the direct result of deliberate actions by Iran. For the purposes of this Contract, "effectively closed" occurs when the seven-day moving average of commercial vessel transits (both cargo and tanker ships) through the Strait of Hormuz decreases by 90% or more compared to the seven-day moving average 30 days prior to the alleged closure, as reported by the IMF's PortWatch service. <p>The following do NOT constitute effective closure: Delays or enhanced inspections that allow eventual passage; Closures due to weather, accidents, or technical failures unrelated to Iran; Voluntary rerouting by individual shippers for commercial reasons unrelated to Iran actions; Actions affecting only military vessels while commercial traffic continues; Traffic reductions of less than 90%.</p> <p>If multiple entities contribute to a closure, the Contract resolves to "Yes" only if Iran is identified as a direct cause of the closure.</p> This market will close and expire early if the event occurs.