Iran fires warning shots at French ship in Strait of Hormuz

The Iranian navy fired warning shots at a French CMA CGM ship in the Strait of Hormuz. The likelihood of the UK sending warships through the Strait by April 30 sits at 8.5% YES, down from 12% yesterday.

Market reaction

The UK warship market saw a 2-point spike yesterday afternoon but has since settled. The order book is thin: just $304 is needed to move the price 5 points, making it vulnerable to swings from single orders.

Why it matters

For the Trump military operations market, this incident makes a near-term cessation less likely. Iran firing on a commercial vessel signals continued hostilities, reducing the probability that Trump will announce an end to military actions soon. No significant trade volume was recorded in the past 24 hours.

What to watch

Iran’s selective targeting of a French (not American or British) vessel complicates the picture. The French ship incident didn’t escalate into a broader confrontation, but it demonstrates Iran’s willingness to use force in the Strait. A YES share in the UK warship market at 8.5¢ pays $1 if it resolves, a potential 11.8x return. The bet depends on whether the UK takes proactive steps in response.

Watch for statements from the UK Ministry of Defence, White House, or Pentagon, and any allied naval movements that could shift odds. The April 30 deadline is two weeks away.

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