Crude Oil all time high by...?

Traders currently price "December 31" at 12% for "Crude Oil all time high by...?". Full distribution: December 31 12%, September 30 3%, May 31 0%, June 30 0%. The market has traded $2.5M in total volume and resolves Dec 31, 2026. Geopolitical tensions stemming from the U.S.-Iran conflict that began in late February 2026 remain the dominant driver of crude oil market dynamics, with ongoing disruptions and threats to traffic through the Strait of Hormuz sustaining supply risk premiums. As of mid-August 2026, WTI trades near $82 per barrel and Brent near $88, well below the all-time high of approximately $147 reached in July 2008, though prices have posted weekly gains amid stalled diplomatic efforts to reopen the waterway and reports of tanker traffic declines. Inventory draws, reduced Persian Gulf refining capacity, and OPEC+ production decisions add upward pressure, while longer-term forecasts point to potential surpluses from recovering supply and demand shifts. Traders are monitoring upcoming talks on Hormuz access and any escalation signals, which could quickly alter the path toward or away from record levels.

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