US gasoline prices have risen nearly 40% to $4.15 per gallon following geopolitical tensions surrounding the conflict with Iran. The increase is attributed to disruptions to oil production and transportation in the Middle East, particularly in the Strait of Hormuz. Prediction markets currently assign a 20% probability to crude oil reaching a new all-time high by April 1, 2027. Decisions by OPEC and Saudi Energy Minister Abdulaziz bin Salman Al Saud, along with developments in the conflict and US foreign policy, could shift market expectations.
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