- Will Farsi, Hengam, Hormuz or Kharg Island no longer be under Iranian control by October 31, 2026?<1¢<1%
- Will Farsi, Hengam, Hormuz or Kharg Island no longer be under Iranian control by November 30, 2026?3¢3%
Ongoing US-Iran military tensions since February 2026, including targeted strikes on military assets at Kharg Island while preserving oil export infrastructure, combined with repeated naval blockades, represent the primary driver of trader sentiment. Kharg handles roughly 90% of Iran’s crude exports, and disruptions have reduced seaborne shipments to near zero, stranding tens of millions of barrels and elevating Brent crude prices above $113 per barrel with backwardation reflecting near-term supply risks through the Strait of Hormuz. Trader consensus, reflected in sub-2% implied probabilities on related Polymarket contracts, prices in sustained Iranian control absent ground occupation, as blockades and selective strikes achieve export pressure without triggering resolution criteria. Upcoming catalysts include post-midterm policy decisions and Qatari-mediated talks that could alter blockade intensity or escalation risks.
Rules
This market will resolve to "Yes" if at least one of the specified islands is no longer under Iranian control by the specified date, 11:59 PM ET. Otherwise, this market will resolve to "No". The islands that will be considered for resolution are: Farsi Island, Hengam Island, Hormuz Island and Kharg Island. "No longer under the control of Iran" means that Iran no longer exercises primary governmental or military control over at least one of the specified islands, and another state, occupying force, or internationally backed authority has established control. Temporary raids, isolated landings, special operations, bombardment, sabotage, naval presence offshore, or temporary disruption of Iranian activity will not qualify on their own. An announcement, threat, or claim that Iran has lost control will not qualify without actual control being established. If control changes pursuant to a negotiated settlement, ceasefire term, surrender, or transfer agreement, this will qualify only once actual control has been established on the island. If control over at least one of the specified islands is contested, unclear, disputed, or not sufficiently established by the resolution date, this will not qualify, and the market will resolve to "No". The primary resolution source will be official statements from the relevant governments and militaries, along with a consensus of credible reporting.