US military conducts 12th consecutive night of airstrikes on Iran

The United States military has carried out its twelfth consecutive night of airstrikes on Iranian targets, as directed by President Donald Trump. The strikes reportedly targeted missile and drone facilities, maritime capabilities, and air defenses in an ongoing effort to weaken Iran’s military infrastructure. This development is part of the larger conflict between the U.S. and Iran, which has seen escalating military actions, including attacks on shipping routes in the Strait of Hormuz. The sustained air campaign appears to indicate a high-intensity conflict phase, focusing on degrading Iran’s ability to threaten regional security. Key Takeaways Market behavior suggests increasing likelihood of a full airspace closure by Iran, with pricing consistent with heightened military threats. The recent U.S. strikes appear to have influenced odds in markets related to Iran’s airspace closure, with notable increases in YES probabilities. Ongoing military actions by the U.S. appear consistent with scenarios where Iran might respond with defensive measures, including closing its airspace. What to Watch The Civil Aviation Organization of Iran (CAOI) and Iranian State Television (IRIB) could pro...