Oil executives meet US officials as Strait of Hormuz tensions rise

Oil executives met with the US government as tensions around the Strait of Hormuz escalate, pushing attention toward the Polymarket contract on whether crude oil prices will hit $90 by the end of June. A YES contract is priced at 22¢, implying roughly a 4.5x return if crude reaches that level. Market reaction The crude oil market contract resolves on June 30, with 67 days until expiration. No trades have been reported yet, and volume in both face value and USDC terms is zero. The market implies a 25% probability increase in odds, suggesting traders expect rising risks to oil supply chains from the US-Israel-Iran conflict. But the absence of actual trading activity means this pricing is tentative. Why it matters The Strait of Hormuz handles roughly a fifth of global oil transit.

…

Excerpt limited to ~120 words for fair-use compliance. The full article is at Crypto Briefing.