Brent crude stays above $107 amid Strait of Hormuz tensions

Brent crude prices remain above $107 amid continued geopolitical tensions, but the Polymarket contract for crude oil reaching an all-time high by April 30 has dropped to 1.2% YES, down from 2% a day ago.

Market reaction

With only six days left, traders are skeptical of a price surge above $120 per barrel. The market’s 24-hour volume is $100,828 in face value, but only $2,513 in actual USDC traded, a gap that points to caution and limited conviction. Ongoing hostilities in the Strait of Hormuz keep the crude oil all-time high by April 30 contract active, though odds have dipped.

The WTI Crude Oil price in April 2026 market remains uncertain. The persistent closure of the Strait of Hormuz amid US-Iran tensions theoretically supports higher prices, but the lack of new escalation keeps traders wary. The crude oil predictions market for June 2023 leans bullish but has no fresh catalysts driving momentum.

Why it matters

The market moved only one percentage point over the last 24 hours, and depth is thin. It takes just $695 to shift the odds by 5 percentage points, meaning a single large trade could move the market.

What to watch

Buying YES at 1.2¢ offers a potential 83.3x return if crude prices break the record by April 30. Without new developments, this is a speculative bet. Any announcements from OPEC+ or significant changes in the Strait of Hormuz, whether a supply disruption or a diplomatic breakthrough, could move these odds quickly.

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