Crude oil has been in focus since the U.S. and Israel began their strikes on Iran, which also killed the Islamic Republic's Supreme Leader, Ayatollah Ali Khamenei.

Concerns around crude oil prices escalated when Iran announced the closure of the Strait of Hormuz, warning it would fire on any vessel attempting to pass.

Since the closure, oil has surged by 35%, pushing it above the $90 mark. Crude oil was last trading at $90.90, up by 12.2%.

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Iran has attacked oil infrastructure in the Middle East, which has resulted in a reduction in output. Saudi Aramco’s Berri oilfield was reportedly struck by debris, causing minor damage.

Kuwait has cut oil output due to storage issues amid the closure of the Strait of Hormuz and is reportedly considering further cuts.

Amid the U.S.-Iran war, the prediction market is now betting on what price crude oil will close at the end of the month.

Polymarket, a Polygon based prediction platform that allows users to wager on an outcome using the USDC stablecoin is currently betting on a contract "Will Crude Oil (CL) hit__ by end of March?"

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Over $10.7 million have been bet on the contract so far.

The option currently at the top is $100, with bettors anticipating a 90% probability that crude oil will hit this mark.

The $105 and $110 price marks have a probability of 83% and 71% as per bettors, while the $120 and $130 price marks have a probability of 63% and 45% respectively.

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This article What Price Will Crude Oil Reach By End Of March? Here's What Prediction Market Is Saying originally appeared on Benzinga.com