President Donald Trump on Monday announced the reinstatement of the "Iran Blockade" and called for a 20% fee from ships passing through the Strait of Hormuz for providing "safety and security."
Trump Calls For US To Be ‘Reimbursed’
Trump declared the U.S. as "The Guardian of the Hormuz Strait" and said that it must be "as a matter of fairness" be reimbursed for "any and all costs necessary to do the job."
Trump has yet to declare how the fees will be charged, but said that the "process and formation will begin immediately."
Here’s What Prediction Market Is Saying
Polymarket, a Polygon (CRYPTO: POL) based prediction platform that allows users to wager on an outcome using the USDC (CRYPTO: USDC) stablecoin, is currently betting on a contract "US charges Hormuz fees by…?"
Over $33,000 has been bet on the contract so far.
Despite Trump calling for a fee for ships passing through the Strait of Hormuz, the prediction market thinks the U.S. is unlikely to impose such a fee.
Bettors have placed a 15% probability on the U.S. imposing such a fee by July 31. The probability slightly increases to 20% for August 31 and is the highest at 28% for December 31.
Iran’s Foreign Minister Says Trump Is ‘Absolutely Right’
Iranian Foreign Minister Abbas Araghchi took to X on Monday to say that "POTUS is absolutely right," but said that Iran "has always been the Guardian of the Strait."
Araghchi added that the 20% fee proposed by Trump is "too much," adding that Iran "will be fair."
Oil Surges
WTI crude oil surged amid the escalation, climbing by 2.11% to reach $79.79. Brent Crude also surged around 1.94% to reach $84.92.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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