Oil prices climb amid unresolved Strait of Hormuz standoff

Oil prices are rising with no resolution to the Strait of Hormuz standoff in sight. WTI Crude Oil hitting $160 in April is at 0.3% YES, down from 1% a day ago. The market for WTI Crude Oil hitting $160 in April shows minimal confidence in reaching this target. Odds have dropped from 1% to 0.3% despite ongoing disruptions in the Strait, which handles up to 25% of global seaborne oil trade. The lack of movement suggests traders are skeptical about a sharp price spike within the next few days. Trading volume tells a similar story. With just $506 in daily USDC volume, it would take $1,632 to move the market by five points. This is a thin market where a single large order can significantly sway prices.

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