US ends Iranian, Russian oil waivers, tightening sanctions

Treasury Secretary Scott Bessent announced the US will not renew waivers for Iranian and Russian oil purchases. The Polymarket contract for no US-Iran diplomatic meeting by June 30 sits at 7.1% YES, down from 9% yesterday.

Refusing to renew the waivers fits the “maximum pressure” approach and narrows the window for diplomatic contact, which is what the diplomatic meeting market is pricing. The June 30 contract dropped 4 points at 5:57 PM, likely as traders processed what stricter sanctions mean for near-term talks.

The US-Iran diplomatic meeting market trades at $6,837 in actual USDC daily, with only $167 required to move the price by 5 percentage points. That thin liquidity means even small trades can produce sharp swings, as the recent 4-point drop shows.

The Treasury’s move weakens the case for near-term diplomatic engagement. At 7.1¢, a YES share for no meeting by June 30 pays $1 if it resolves, a 14x return. That bet only makes sense if you believe no new talks will materialize while the US doubles down on sanctions pressure.

Watch for statements from US Special Envoy Steve Witkoff or Iranian Foreign Minister Abbas Araghchi. Any signal of resumed dialogue could move this market fast.

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