Oil prices jump 3% as US-Iran tensions keep Strait of Hormuz closed

Oil prices spiked 3% as the US-Iran conflict continues, with the Strait of Hormuz still closed. The Polymarket contract for WTI Crude Oil hitting $160 in April currently trades at ?. Market reaction The Strait of Hormuz closure affects almost 20% of global oil supplies. The US Navy’s blockade and Iran’s continued closure have cut Gulf state oil production by up to 10 million barrels per day. Brent crude has held above $109/barrel for a week straight. The April 30 contract resolves in just 6 days. Trading volume has been quiet with no face value recorded, though the supply disruption and geopolitical pressure could push activity higher. Why it matters A 10-million-barrel-per-day supply loss is enormous.

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