Saudi Arabia has increased oil exports through the Strait of Hormuz to a six-month high, following disruptions to pipeline operations. Brent crude sits near $100 a barrel and WTI trades in the mid-$90s, and prediction markets now see a smaller chance of crude hitting a fresh all-time high this month.
Oil prices have settled near $100 a barrel after Saudi Arabia increased its exports through the Strait of Hormuz, following disruptions to pipeline operations. The added flow through the passage has reached a six-month high, easing some supply concerns even as geopolitical risks linger.
Brent crude futures are around $100 per barrel, with West Texas Intermediate in the mid-$90s, reflecting the market's response to the restored shipping volumes. Prediction markets have also moved: the sub-market tracking a new all-time high in crude oil by September 30 has dropped to 0.5% YES, down from 1% a day earlier and 4% a week earlier.
A separate sub-market looking further out tells a different story. The contract tied to a new high by December 31 still sits at 12.5% YES, implying traders foresee potential catalysts for price movement by year-end.
Source: Crypto Briefing
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