Iran’s seizure of two tankers and Trump’s “shoot and kill” order have not moved oil markets. The crude oil all-time high by April 30 contract sits at 1% YES, down from 2% a day ago.
Market reaction
The crude oil all-time high by April 30 contract has just $2,513 in USDC traded over the past 24 hours. The largest move was a one-point spike at 5:31 AM. Traders are not pricing in a supply disruption large enough to push crude past its all-time high.
Why it matters
The order book depth needed to move odds by five percentage points is only $695, yet no one is buying. With six days left before expiration, the market shows no conviction that the Strait of Hormuz escalation, a chokepoint for global oil transit, will translate into record prices. Even a blockade and military threats haven’t drawn meaningful volume.
What to watch
The next events that could shift this contract are OPEC+ announcements or further military action in the Strait. A confirmed attack on oil infrastructure or an OPEC+ emergency meeting could break the current indifference.
Odds and payout
YES shares trade at 1¢, paying $1 if crude exceeds the all-time high by April 30, a potential 100x return. The absence of large bets at that price signals low confidence in the outcome.
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