Gas prices above $6.00 are displayed at a Shell station across from Marathon Oil Company’s Los Angeles Refinery in Carson, California on April 2, 2026.
Justin Sullivan | Getty Images News | Getty Images
Western Texas Intermediate Crude Oil Futures Kalsi traders say the stock has yet to reach its 2026 high.
Users of prediction market platforms believe there is a more than 50% chance that prices will reach near $127 per barrel this year, well above the current closing high of nearly $113 per barrel on April 7.
Traders also estimate there is a 63% chance the price will rise above $120 per barrel.
Although WTI prices are far from the highs reached before the US and Iran announced a ceasefire in the Middle East war, they are still well above the April 17 low of $82.59.
Prices once again exceed $100, brent crude oil This week, prices hit a new post-war high. But oil prices fell on Friday after Iran sent a revised peace plan to the United States, although President Donald Trump said he was not satisfied with the country’s offer.
Some of the post-ceasefire drop in WTI oil prices has reversed as Iran reopens the Strait of Hormuz and there is no clear path for the US to lift its naval blockade of the Strait of Hormuz.
Traders believe this year’s oil price highs have not been broken, but the expected range for oil prices has narrowed. In early April, before the ceasefire, traders thought there was a more than 50% chance that prices would trade above $150 a barrel. Traders currently see only a 26% chance of that happening.
Disclosure: CNBC and Kalsi have a commercial relationship that includes a minority investment in CNBC.
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