Saudi Arabia’s main oil export route is effectively closed, stranding over 8 million barrels of oil daily. Odds for crude oil hitting an all-time high by April 30 sit at 0.5% YES, down from 2% yesterday.
The Strait of Hormuz closure has cut off Saudi Arabia’s primary export channel. The East-West pipeline, already at full capacity, can redirect only 4.5 million barrels per day to the Red Sea, leaving the rest stranded. The market had a minor 1-point spike at 5:31 AM before settling back.
Trading volume is thin, with $2,513 in USDC moved over the past 24 hours. It takes just $695 to move the market 5 percentage points, making it susceptible to large trades. The largest price move was a 1-point increase, suggesting traders aren’t convinced of a major shift before April 30.
The current odds reflect skepticism about an immediate spike in oil prices. Even with severe supply constraints, traders are betting against a rapid price escalation. A YES share priced at 0.5¢ pays $1 if it resolves, offering a 200x return. For that bet to make sense, a trader would need to expect imminent escalation of tensions or further disruptions to supply.
Watch for OPEC+ announcements or geopolitical developments affecting oil supply. Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud and US President Donald Trump could shift market expectations through policy changes or strategic decisions.
Get prediction market intelligence as a structured API feed. Early access waitlist.
Related to This Story ▼ Qatar opposes using Strait of Hormuz as leverage in Iran-US crisis