Traders on Kalshi also place 57% odds that prices will top $4.80 a gallon, and just over a 40% chance that they cross $5.00. This comes as U.S. oil prices are again above $100 per barrel, driven by escalating tensions between the U.S. and Iran, which has put the status of the Strait of Hormuz in doubt. Western Texas Intermediate crude futures were higher by 3.5% to more than $103 per barrel on Monday.