Iran’s oil shipments to Asia have declined significantly, driving cargo prices to their highest levels in years and tightening the physical market, Bloomberg Markets reported. Freight rates for transporting oil from the Middle East to Asia are nearing record levels ahead of any official US action in response to recent threats from Tehran. Market participants are assessing whether the reduced Iranian supply, geopolitical tensions and potential US measures could push crude oil to a new all-time high. Prediction-market pricing currently indicates a low probability of that occurring by September 30, with the likelihood rising slightly by December 31. Investors are also watching OPEC production, global demand and the actions of OPEC and the International Energy Agency. The material promotes live prediction-market analysis powered by Vera and invites readers to sign up.