U.S. oil prices will exceed Iran wartime high to above $125 as conflict drags on, Kalshi traders say

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Western Texas Intermediate crude futures

haven’t hit their highs in 2026 yet, according to traders on Kalshi.

Users on the prediction markets platform think that there’s a more than 50% chance that prices will reach nearly $127 per barrel this year, far higher than the current closing high of nearly $113 per barrel on April 7.

Traders also estimate there’s a 63% chance that prices will cross $120 per barrel.