Oil prices have surged after Iran said a shipping agreement with Oman through the Strait of Hormuz is nearing completion. West Texas Intermediate (WTI) crude is near $93 per barrel, while Brent crude is approaching $97, Cointelegraph reported. The Strait of Hormuz is a critical chokepoint for global oil supply, and the prospect of greater Iranian control over the route has heightened market concern about future supply security and possible disruptions. Prediction-market pricing puts the probability of crude oil reaching a new all-time high by September 30 at only 1.2%. Traders are watching the agreement, regional geopolitical developments, potential OPEC (oil producers' group) production decisions, US-Iran relations, and comments from OPEC’s Secretary General and the Saudi Minister of Energy. Vera offers live prediction-market analysis and invites users to sign up.