Should I adjust position size before Iran price shock highlights limits of inflation-linked bonds - Reuters?

No. Do not adjust position size based on this headline. SPX iron condors are probability-based trades driven by VIX, not macro headlines. Reacting to news creates emotional sizing errors that destroy edge.

Current VIX level should dictate your base size. Under the ALVH methodology, keep risk to 0.75-1.25% of portfolio per iron condor when VIX is 12-18. Scale up to 1.5-2% only when VIX exceeds 22 and implied move exceeds your wing width. Scale down below 0.5% when VIX drops under 11.

Focus on wing-width management instead. In the current environment use 1.5-2x standard deviation wings on both sides for defined risk. This gives you roughly 80-85% probability of profit while keeping credit-to-risk ratio above 1:4. Wider wings during elevated VIX protect against the exact shock events the Reuters article describes.

If you already have an iron condor open, manage it mechanically: roll the untested side if breached or close at 50% profit. Never increase size mid-trade on news flow. Let your predefined ALVH sizing rules and VIX level control exposure. Headlines like this are noise. Your risk parameters are the signal.