Fuel theft surges in US as gas prices reach four-year high amid Iran conflict

Fuel theft is spiking in the U.S. as gasoline prices hit a four-year high, driven by the ongoing war with Iran. The Polymarket contract for crude oil hitting $90 by June sits at 15% YES.

Market reaction

Volume in this market is at $0, with no trades in the past 24 hours. This thin trading environment creates high volatility potential if significant orders arrive. The absence of activity may indicate traders are waiting for clearer signals from figures like Saudi Arabia’s Energy Minister or Russia’s Deputy Prime Minister. The June 30 contract is pricing in persistent supply disruptions from the U.S.-Iran conflict. Although a ceasefire was announced, the Strait of Hormuz remains a bottleneck, keeping oil flows far below pre-war levels.

Why it matters

The April ceasefire has not restored normal oil flows. Damaged infrastructure and restricted supply through the Strait of Hormuz continue to prop up prices, which in turn are driving the spike in fuel theft domestically. A YES share at 15¢ pays $1 if oil hits $90 by June, a 6.67x return. For that bet to pay off, supply constraints would need to persist or new geopolitical disruptions would need to occur within the next 75 days.

What to watch

Any announcements from OPEC+ on output cuts or EIA updates on global oil supply conditions could swing the odds sharply. The physical state of Strait of Hormuz transit capacity and any escalation (or de-escalation) between the U.S. and Iran are the primary variables.

Get prediction market intelligence as a structured API feed. Early access waitlist.