From 100% to 4%, all of the Hormuz premium was bet on-chain.

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MarsBitNews
In the past 24 hours, 26 ships have passed through the Strait of Hormuz, with U.S. and Brent crude oil futures slightly declining.
Iranian Revolutionary Guard Navy states that in the past 24 hours, 26 oil tankers, container ships, and others have passed through the Strait of Hormuz under their coordinated security; passage requires permission and coordination with the Guard Navy.
The US and Brent crude futures briefly declined, now at WTI $104.98 per barrel, Brent $104.76 per barrel.
Polymarket forecasts show a 4% probability of navigation before the end of this month, and a 27% probability before the end of next month.
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