The U.S. and Iran have started attacking each other again after President Donald Trump announced that the Iran ceasefire was "over."

US-Iran Strikes

The announcement came after the U.S. conducted strikes against Iran in response to attacks on ships in the Strait of Hormuz.

In response to U.S. strikes, Iran has conducted strikes against U.S. bases in Kuwait and Bahrain, according to a Reuters report.

The resumption of hostilities has resulted in shipping in the Strait of Hormuz coming to a halt and pushing oil above $74.

Iran has warned that it will "strike twice as many targets" in the neighbouring Gulf region in response to any U.S. attacks, according to a report by state-affiliated Mehr News Agency.

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 announces blockade on Iran by…?"

Over $1.3 million has been bet on the contract so far.

Bettors have placed a 22% probability on the U.S. announcing a blockade on Iran by July 31. The odds increase to 38% by August 31 and are the highest at 44% for December 31.

Prediction Market Bets On US-Iran Deal

Another contract is also betting on whether the U.S. and Iran will be able to reach a final nuclear deal. Amid the strikes, the probability of a deal happening between the two countries has declined.

The odds of the U.S. invading Iran before 2027 have slightly increased amid the hostilities.