The U.S. and Iran are currently exchanging strikes, and President Donald Trump has announced the restoration of the U.S. naval blockade on Iranian ports.
The blockade is aimed at preventing ships from Iran and its customers from passing through the Strait of Hormuz. This is in response to Iran's strikes on ships passing through the strait, which has resulted in a halt in shipping.
Amid the strikes, the prediction market is betting on when the U.S. will end its blockade of Iranian ports.
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 end of Iranian blockade by…?"
Over $210,000 has been bet on the contract so far.
Bettors have placed a low probability of the U.S. ending the blockade by July 24, with the odds at 11%, down by 43%. The odds of the blockade ending by July 31 are 19%, down by 35%.
The odds are highest for August 31, with bettors predicting a 43% probability of the blockade ending by this date.
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 later abandoned the idea of a fee and said that countries would instead invest in the U.S.
Trump said that Saudi Arabia, Bahrain, Qatar, Kuwait, the UAE and other countries would be investing "record amounts" in the U.S., reiterating that America was protecting the region for countries, including China, for years without seeking any compensation.
