Mutual blockades of the Strait of Hormuz by Iran and the US have rattled oil markets, but Polymarket traders remain deeply skeptical of a price spike. Crude oil reaching an all-time high by April 30 sits at 0.8% YES, down from 2% earlier this week.
Market reaction
The odds for WTI crude hitting $160 in April are even lower at 0.2% YES. Both sides are enforcing strict naval controls in a region responsible for around 25% of global seaborne oil trade, yet traders are pricing in almost no chance of a record-breaking price move.
Trading volume reflects that skepticism. The crude oil all-time high market saw just $2,513 in USDC traded, with a thin order book where $695 can move the price 5 percentage points. Liquidity is low — traders appear to be waiting for more definitive actions from OPEC+ or a shift in US-Iran diplomacy before committing capital.
Why it matters
The dual blockade constrains a major oil transit chokepoint, but the market response says traders don’t expect an immediate breakdown in supply. At 0.8% YES, a share pays $1 if crude oil exceeds $120/barrel by April 30, a 125x return. For that bet to pay off, traders would need to see a complete collapse of diplomacy or new aggressive actions in the Gulf within the next six days.
What to watch
Any production adjustments from OPEC+ members or revised energy market forecasts from institutions like the EIA or Goldman Sachs could shift these odds quickly. The timeline is tight: April 30 is less than a week away, and the current pricing implies traders expect some form of de-escalation or at least stable supply flows.
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Source: https://cryptobriefing.com/iran-and-us-blockades-of-hormuz-fail-to-spike-oil-price-expectations/
