Iran has closed the Strait of Hormuz, inflicting the biggest oil provide shock for the reason that Seventies. WTI Crude Oil hitting $160 in April 2026 is at important danger given present market circumstances.
The closure has slashed oil flows from over 20 million barrels per day to three.8 million. With April 30 simply 10 days away, merchants are watching whether or not WTI can attain $160 amid ongoing US-Iran tensions. Crude futures are in steep backwardation, with the curve pricing in extreme short-term provide constraints.
Buying and selling quantity is skinny, with zero face worth reported previously 24 hours, suggesting the market continues to be absorbing the implications of the strait’s closure. The backwardation construction exhibits merchants pricing in speedy provide dangers, whereas longer-term contracts anticipate easing past the early 2030s.
For merchants, the present state of affairs is high-stakes. At 10 days out, a YES share payoff may very well be substantial if WTI reaches $160. The delicate US-Iran ceasefire makes additional value spikes an actual chance.
Look ahead to statements from Saudi Vitality Minister Prince Abdulaziz bin Salman Al Saud and Donald Trump, in addition to EIA studies. Any developments in US-Iran negotiations or OPEC+ manufacturing insurance policies might swing the market dramatically.
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