Markets seem to have completely priced in a full restoration of strait. I think it depends on Iran to do something unexpected. My dec puts got stopped out though. Just added some 25k call shorts anyway.
Rationale: India still 7% down while most asian and US markets recovered almost fully implying Nifty is weak compared to peers and may not recover or will take a long time to do so.
Upside Risk: Global rally continues above Global ATH fast and furious.
Downside risk: Market moved away from fundamentals. Any defied expectations/surprises would imply a fast crash.