Iran proposes tolls on Strait of Hormuz amid oil market volatility

Iran’s VP Mohammad Reza Aref has suggested imposing tolls on the Strait of Hormuz, while the Polymarket contract for WTI crude oil hitting $160 in April sits at 1.4% YES.

The WTI $160 April market spiked from 1% to 26% at 8:02 PM before settling back to 1.4%. Traders initially panicked over potential disruptions to a chokepoint handling roughly 20% of global oil transit. The move was a 25-point spike that collapsed almost as fast as it appeared, suggesting the market quickly priced in the low likelihood of actual enforcement.

The market for Trump’s military operations ending in Iran shows no significant volume indicating a resolution. Iran’s toll proposal makes military de-escalation less likely, pushing traders to hedge against prolonged conflict. The Trump Iran demands market remains stagnant, with no signs of a negotiation breakthrough.

The toll proposal fits Iran’s pattern of using economic leverage over the Strait during military standoffs. For traders, this means more volatility in oil-linked contracts and continued uncertainty around US-Iran relations. At 1.4¢, a YES share on WTI crude hitting $160 pays $1 if it resolves, a 71.4x return. That bet only makes sense if you believe a serious supply disruption, not just rhetoric, materializes before April 30.

Watch for any US-Iran negotiation developments or further statements from Tehran. The next key indicators are OPEC+ updates and any US government moves on sanctions or strategic reserves.

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