US escorts commercial ship through Hormuz by March 31?

Analysis

Current market odds (29% Yes, 71% No) align with the high risks and operational challenges of escorting commercial ships through the Strait of Hormuz by March 31, 2026. Key factors include ongoing Iranian threats (mines, drones, missiles), described as a 'kill box,' and the US military's assessment that the environment remains 'tactically complex.' Despite Treasury Secretary Bessent's statement on potential escorts 'as soon as militarily possible,' Joint Chiefs Chairman Gen. Caine and Pentagon officials highlight the need for further degradation of Iran's capabilities, which could take months or years. Historical precedent, like Operation Earnest Will in the 1980s, shows escorts are possible but under less advanced threats and with a larger Navy. Current expert analysis suggests significant preparatory airstrikes and mine clearance are prerequisites, unlikely to be completed in 17 days. No specific evidence indicates an imminent breakthrough the market hasn't priced in. I lean slightly toward 'No' with 60% confidence, reflecting the status quo of no escorts and the short timeframe, but acknowledge uncertainty given potential rapid military developments or coalition actions.