Iran military action against a gulf stateEgyptian authorities have confirmed that a drone was responsible for igniting a fire on two gas vessels at the Damietta port. Al-Monitor reported the confirmation, highlighting the potential implications for Gulf state security. The development comes amid a landscape already fraught with risks of military action, as evidenced by recent market movements suggesting increased perceived likelihood of Iranian military initiatives in the region. Market pricing suggests a notable rise in the perceived probability of Iranian military action against a Gulf state, evidenced by a significant increase in YES pricing for July 31. Developments over the next 24 hours could significantly impact the Iran military action market for July 31, where the current pricing suggests a 36% YES probability.